Question

The following is a December 31, 2018, post-closing trial balance for Almway Corporation.

Account Title	Debits					Credits
Cash		$	67,000
Investments			132,000
Accounts receivable			71,000
Inventories			211,000
Prepaid insurance (for the next 9 months)			9,000
Land			112,000
Buildings			431,000
Accumulated depreciation—buildings					$	111,000
Equipment			121,000
Accumulated depreciation—equipment						71,000
Patents (net of amortization)			21,000
Accounts payable						97,000
Notes payable						163,000
Interest payable						31,000
Bonds Payable						251,000
Common stock						333,000
Retained earnings						118,000
Totals		$	1,175,000		$	1,175,000

Additional information:

1. The investment account includes an investment in common stock of another corporation of $41,000 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 cost $36,000 that the company has not used and is currently listed for sale.
3. The cash account includes $26,000 restricted in a fund to pay bonds payable that mature in 2021 and $34,000 set aside in a three-month Treasury bill.
4. The notes payable account consists of the following:

1. a $41,000 note due in six months.
2. a $61,000 note due in six years.
3. a $61,000 note due in five annual installments of $12,200 each, with the next installment due February 15, 2019.

5. The $71,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $8,000.
6. The common stock account represents 111,000 shares of no par value common stock issued and outstanding. The corporation has 600,000 shares authorized.

Required:
Prepare a classified balance sheet for the Almway Corporation at December 31, 2018. (Amounts to be deducted should be indicated by a minus sign.)

Answer 1

ALMWAY CORPORATION
Balance Sheet
December 31, 2018
Assets
Current assets
Cash and cash equivalents ($67000 - $26000)		41000
Short-term investments ($132000 - $41000)		91000
Accounts receivable	79000
Less: Allowance for uncollectible accounts	-8000	71000
Inventories		211000
Prepaid insurance		9000
Total current assets		423000
Investments
Marketable securities		41000
Land held for sale		36000
Sinking fund for bonds payable		26000
Total investments		103000
Property, plant, and equipment
Land ($112000 - $36000)		76000
Buildings	431000
Less: Accumulated depreciation	-111000	320000
Equipment	121000
Less: Accumulated depreciation	-71000	50000
Net property, plant, and equipment		446000
Intangible assets
Patents, net of amortization		21000
Total assets		993000
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable		97000
Notes payable		41000
Interest payable		31000
Current maturities of long-term debt		12200
Total current liabilities		181200
Long-term liabilities
Notes payable ($61000 + $61000 - $12200)		109800
Bonds payable		251000
Total long-term liabilities		360800
Total liabilities		542000
Stockholders' equity
Common stock, no par value; 600,000 shares authorized; 111,000 shares issued and outstanding		333000
Retained earnings		118000
Total stockholders' equity		451000
Total liabilities and stockholders' equity		993000

Note: Kindly fill appropriately in case a format is provided since the same has not been given with the question.