Problem 3-3 (Algo) Balance sheet preparation [LO3-2, 3-3]
The following is a December 31, 2021, post-closing trial balance
for Almway Corporation.
Account Title | Debits | Credits | |||||||
Cash | $ | 63,000 | |||||||
Investment in equity securities | 128,000 | ||||||||
Accounts receivable | 69,000 | ||||||||
Inventory | 209,000 | ||||||||
Prepaid insurance (for the next 9 months) | 7,000 | ||||||||
Land | 108,000 | ||||||||
Buildings | 429,000 | ||||||||
Accumulated depreciation—buildings | $ | 109,000 | |||||||
Equipment | 119,000 | ||||||||
Accumulated depreciation—equipment | 69,000 | ||||||||
Patent (net) | 19,000 | ||||||||
Accounts payable | 94,000 | ||||||||
Notes payable | 157,000 | ||||||||
Interest payable | 29,000 | ||||||||
Bonds Payable | 249,000 | ||||||||
Common stock | 327,000 | ||||||||
Retained earnings | 117,000 | ||||||||
Totals | $ | 1,151,000 | $ | 1,151,000 | |||||
Additional information:
Required:
Prepare a classified balance sheet for the Almway Corporation at
December 31, 2021. (Amounts to be deducted should be
indicated by a minus sign.)
Almway Corporation | ||
Classified Balance Sheet at December 31,2021 | Amount $ | |
Assets | ||
Non-Current Assets | ||
Equipment | 1,19,000 | |
Less: Accumulated Depreciation | -69,000 | 50,000 |
Building | 4,29,000 | |
Less: Accumulated Depreciation | -1,09,000 | 320,000 |
Patent (Net) | 19,000 | |
Restricted cash (To pay bond payable in 2024 ) | 24,000 | |
Investment in Securities | 39,000 | |
Land ( 108,000 - 34,000 ) | 74,000 | |
Non-Current asset held for sale | ||
Land | 34,000 | |
Current Assets | ||
Cash ( 63,000 - 24,000 - 32,000 ) | 7,000 | |
Restricted cash ( Three months treasury bill ) | 32,000 | |
Investment in Securities ( 128,000 - 39,000 ) | 89,000 | |
Accounts Receivable ( 69,000 + 6,000 ) | 75,000 | |
Less: Allowance for doubtful accounts | -6,000 | 69,000 |
Prepaid Insurance | 7,000 | |
Inventory | 209,000 | |
Total Assets | 973,000 | |
Non-Current Liabilities | ||
Note Payable ( 59,000 + ( 11,800 x 4 ) ) | 106,200 | |
Bonds Payable | 249,000 | |
Current Liabilities | ||
Accounts Payable | 94,000 | |
Notes Payable ( 39,000 + 11,800 ) | 50,800 | |
Interest Payable | 29,000 | |
Stockholder's Equity | ||
Common Stock | 327,000 | |
Retained earnings | 117,000 | |
Total Liabilities & Stockholder's Equity | 973,000 | |
Problem 3-3 (Algo) Balance sheet preparation [LO3-2, 3-3] The following is a December 31, 2021, post-closing...
Problem 3-3 (Algo) Balance sheet preparation [LO3-2, 3-3] The following is a December 31, 2021, post-closing trial balance for Almway Corporation. Account Title Debits Credits Cash $ 69,000 Investment in equity securities 134,000 Accounts receivable 72,000 Inventory 212,000 Prepaid insurance (for the next 9 months) 8,000 Land 114,000 Buildings 432,000 Accumulated depreciation-buildings $ 112,000 Equipment 122,000 Accumulated depreciation-equipment 72,000 Patent (net) 22,000 Accounts payable 99,000 Notes payable 166,000 Interest payable 32,000 Bonds Payable 252,000 Common stock 336,000 Retained earnings 116,000...
e following is a December 31, 2021, post-closing TOT Amway Account Title Cash Investment in equity securities Accounts receivable Inventory Prepaid insurance (for the next 9 months) Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Patent (net) Accounts payable Notes payable Interest payable Bonds Payable Common stock Retained earnings Totals Debits Credits $ 63,000 128,000 69,000 209,000 7,000 108,000 429,000 $ 109,000 119,000 69,000 19,000 94,000 157,000 29,000 249,000 327,000 117,000 $1,151,000 $1,151,000 Additional information: 1. The investment in equity securities...
Problem 3-3 Balance sheet preparation [LO3-2, 3-3] The following is a December 31, 2018, post-closing trial balance for Almway Corporation Account Title Cash InvestmentS Accounts receivable Inventories Prepaid insurance (for the next 9 months) Land Buildings Accumulated depreciation buildings Equipment Accumulated depreciation equipment Patents (net of amortization) Accounts payable Notes payable Interest payable Bonds Payable Common stock Retained earnings Totals Debits Credits $55,000 120,000 65,000 205,000 7,000 100,000 425,000 $ 105,000 115,000 65,000 15,000 85,000 145,000 25,000 245,000 315,000 122,000...
The following is a December 31, 2021, post-closing trial balance for Almway Corporation. Account TitleDebitsCreditsCash$53,000Investment in equity securities118,000Accounts receivable64,000Inventory204,000Prepaid insurance (for the next 9 months)8,000Land98,000Buildings424,000Accumulated depreciation—buildings$104,000Equipment114,000Accumulated depreciation—equipment64,000Patent (net)14,000Accounts payable83,000Notes payable142,000Interest payable24,000Bonds Payable244,000Common stock312,000Retained earnings124,000Totals$1,097,000$1,097,000Additional information:The investment in equity securities account includes an investment in common stock of another corporation of $34,000 which management intends to hold for at least three years. The balance of these investments is intended to be sold in the coming year.The land account includes land which cost $29,000...
The following is a December 31, 2021, post-closing trial balance for Almway Corporation Account Title Cash Investment in equity Securities Accounts receivable Inventory Prepaid insurance (for the next 9 months) Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation equipment Patent (net) Accounts payable Notes payable Interest payable Bonds Payable Common stock Retained earnings Totals Debits Credits $ 67,000 132,000 71,800 211,000 9,000 112,000 431,000 $ 111,080 121,000 71,090 21,080 97,000 163,080 31,898 251,000 333,080 118,000 $1,175,000 $1,175,000 Additional information: 1. The...
The following is a December 31, 2021, post-closing trial balance for Almway Corporation. Account Title Debits Credits Cash $ 45,000 Investment in equity securities 110,000 Accounts receivable 60,000 Inventory 200,000 Prepaid insurance (for the next 9 months) 9,000 Land 90,000 Buildings 420,000 Accumulated depreciation—buildings $ 100,000 Equipment 110,000 Accumulated depreciation—equipment 60,000 Patent (net) 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: The...
please complete
The following is a December 31, 2021, post-closing trial balance for Almway Corporation. Account Title Debits Credits Cash $ 79,000 Investment in equity securities 144,000 Accounts receivable 77,000 Inventory 217,000 Prepaid insurance (for the next 9 months) 5,000 Land 124,000 Buildings 437,000 Accumulated depreciation-buildings $ 117,000 Equipment 127,000 Accumulated depreciation-equipment 77,000 Patent (net) 27,000 Accounts payable 109,000 Notes payable 181,000 Interest payable 37,000 Bonds Payable 257,000 Common stock 351,000 Retained earnings 108,000 Totals $1,237,000 $1,237,000 Additional Information: 1....
The following is a December 31, 2021, post-closing trial balance for Almway Corporation. Account Title Debits Credits Cash $ 79,000 Investment in equity securities 144,000 Accounts receivable 77,000 Inventory 217,000 Prepaid insurance (for the next 9 months) 5,000 Land 124,000 Buildings 437,000 Accumulated depreciation-buildings $ 117,000 Equipment 127,000 Accumulated depreciation-equipment 77,000 Patent (net) 27,000 Accounts payable 109,000 Notes payable 181,000 Interest payable 37,000 Bonds Payable 257,000 Common stock 351,000 Retained earnings 108,000 Totals $1,237,000 $1,237,000 Additional Information: 1. The Investment...
The following is a December 31, 2021, post-closing trial balance for Almway Corporation. Account Title Cash Investment in equity securities Accounts receivable Inventory Prepaid insurance (for the next 9 months) Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Patent (net) Accounts payable Notes payable Interest payable Bonds Payable Common stock Retained earnings Totals Debits Credits $ 49,000 114,000 62,000 202,000 5,000 94,000 422,000 $ 102,000 112,000 62,000 12,000 79,000 136,000 22,000 242,000 306,000 123,000 $1,072,000 $1,072,000 Additional information: 1. The investment...
The following is a December 31, 2018, post-closing trial balance for Almway Corporation. Account Title Debits Credits Cash $ 83,000 Investments 148,000 Accounts receivable 79,000 Inventories 219,000 Prepaid insurance (for the next 9 months) 9,000 Land 128,000 Buildings 439,000 Accumulated depreciation—buildings $ 119,000 Equipment 129,000 Accumulated depreciation—equipment 79,000 Patents (net of amortization) 29,000 Accounts payable 113,000 Notes payable 187,000 Interest payable 39,000 Bonds Payable 259,000 Common stock 357,000 Retained earnings 110,000 Totals $ 1,263,000 $ 1,263,000 Additional information: The investment...