Chapter 03 Pre- Built Problems Help Save & Exit Submit The following is a Decemb

Question

Chapter 03 Pre- Built Problems Help Save & Exit Submit The following is a December 31, 2018, post-closing trial balance for Almway Corporation Account Title 49,000 114,000 62,000 202,000 5,000 94,000 422,000 10 Investnents Accounts receivable Prepaid insurance (for the next 9 months) Buildings Accumulated depreciation-buildings Equipment $ 102,000 112,000 12,000 62,000 79,000 136,000 Print Patents (net of anortization) Aecounts payable Interest payable Bonds Payable Conmon stock Retained earnings Totals 22,000 242,000 306,000 123.000 $1,072,000 $1,072,000 Additional information: 1. The investment account includes an investment in common stock of another corporation of $32,000 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 $27,000 that the company has not used and is currently listed for sale. 3. The cash account includes $17000 restricted in a fund to pay bonds payable that mature in 2021 and $25,000 set aside in a three- month Treasury bill. 4. The notes payable account consists of the following: a. a $32,000 note due in six months.

Explanation / Answer

Classified Balance Sheet of Almway Corporation ALMWAY   CORPORATION BALANCE SHEET As at 31st Dec 2018 ASSETS CURRENT ASSETS Cash ($49000-$17000) $32,000 Accounts Receivable $72,000 Less Allowance for uncollectable ($10,000) Accounts $62,000 Short Term Investment $84,000 Inventories $202,000 Prepaid Insurance $5,000 Total Current Asset $385,000 Investments Marketable Securities $30,000 Land Held for Resale $27,000 Bond Sinking Fund $17,000 $74,000 Property Plant And Equipment Land ($94000-$27000) $67,000 Building $422,000 Less Accumulated Dep $102,000 $320,000 Equipment $112,000 Less Accumulated Dep $62,000 $50,000 Patent net of amortization $12,000 $449,000 Total Assets $908,000 Liabilities and Stockholders Equity Accounts Payable $79,000 Interest Payable $22,000 Note Payable $32,000 Current maturities of Long Term Debt $10,400 Total Current Liabilities $143,400 Long Term Liabilities Notes Payable $93,600 Bond Payable $242,000 Total Long Term Liabilities $335,600 Stock Holder Equity Common Stock no par value 102000 shares authorized 300000 shares $306,000 Retained Earnings $123,000 $429,000 Total Liabilities and Stock Holders Equity $908,000

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