[Get Solution] Balance Sheet Preparation Assignment
The following is December 31, 2016. post-closing trial balance for Almway Corporation Account Title Debits Credits Cash 45,000 Investments 110.000 Accounts receivable 60,000 Inventories 200.000 Prepaid insurance 9,000 Land 90.000 Buildings 420.000 Accumulated depreciation-buildings 100,000 Equipment 110,000 Accumulated depreciation equipment 60,000 Patents (net of amortization) 10,000 Accounts payable 75.000 Notes payable 130,000 Interest payable 20.000 Bonds payable 240,000 Common stock 300,000 Retained earnings 129,000 Totals 1,054,000 1,054,000
Additional Information
1. The investment account includes an investment in the common stock of another corporation of $30,000 which management intends to hold for at least three years. The balance of these investments is intended to be sold in the coming year.
2. The land account includes land which costs $25.000 that the company has not used and is currently listed for sale.
3. The cash account includes $15.000 restricted in a fund to pay bonds payable that mature in 2019 and $23.000 restricted in a three-month Treasury bill.
4. The notes payable account consists of the following: a. a $30,000 note due in six months. b. a 550.000 note due in six years. c. a $50,000 note due in five annual installments of S10.000 each, with the next installment due February 15, 2017,
5. The 560.000 balance in accounts receivable is net of an allowance for uncollectible accounts of $8.000 6. The common stock account represents 100.000 shares of no par value common stock issued and outstanding, The corporation has 500.000 shares authorized Required Prepare a classified balance sheet for the Almway Corporation at December 31, 2016.
The following is a december 31, 2016, post-closing trial balance for Almway corporation.
