Reference no: EM13985693
Problem: Balance Sheet preparation:
The following is a December 31, 2016, post-closing trial balance for Almway Corporation.
Account Title
|
Debits
|
Credits
|
Cash
|
81,000
|
|
Investments
|
146,000
|
|
Account receivable
|
78,000
|
|
Inventories
|
218,000
|
|
Prepaid Insurance
|
7,000
|
|
Land
|
126,000
|
|
Buildings
|
438,000
|
|
Accumulated depreciation-buildings
|
|
118,000
|
Equipment
|
128,000
|
|
Accumulated depreciation-equipment
|
|
78,000
|
Patents (net of amortization)
|
28,000
|
|
Accounts payable
|
|
111,000
|
Notes payable
|
|
184,000
|
Interest payable
|
|
38,000
|
Bonds Payable
|
|
258,000
|
Common stock
|
|
354,000
|
Retained earnings
|
|
109,000
|
Totals
|
1,250,000
|
1,250,000
|
Additional information:
1. The investment account includes an investment in common stock of another corporation of $48,000 which management intends to hold for at least three years. The balance of these investments is intended to sold in the coming year.
2. The land account includes land which cost $43,000 that the company has not used and is currently listed for sale.
3. The cash account includes $33,000 restricted in a fund to pay bonds payable that mature in 2019 and $41,000 set aside in a three-month Treasury bill.
4. The notes payable account consists of the following:
a. A $48,000 note due in six months.
b. A $68,000 note due in six years.
c. A $68,000 note due in five annual installments of $13,600 each, with the next installment due February 15, 2017.
5. The $78,000 balance in accounts receivable is net of an allowance for uncollectable accounts of $7,000.
6. The common stock account represents 118,000 shares of no par value common stock issued and outstanding. The corporation has 6000,000 shares authorized.
Required:
Prepare a classified balance sheet for the Almway Corporation at December 31, 2016.
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