The following is a December 31, 2018, post-closing trial balance for Almway Corp
ID: 2559370 • Letter: T
Question
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) Debits 45,000 110,000 60,000 200,000 Credits 9,000 90,000 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 420,000 110,000 10,000 100,000 60,000 75,000 130,000 20,000 240,000 300,000 129,000 1,054,000 1,054,000Explanation / Answer
Almway Corporation
Balance Sheet as at 31 December 2018
Fiscal Ended
31-Dec-18
ASSETS
Current Assets
Cash
$30,000
Investments
$80,000
Accounts Receivables
$60,000
Inventories
$200,000
Prepaid Insurance
$9,000
Assets held for sale
$25,000
Total Current Assets
$404,000
Property, Plant and Equipment, at Cost
$595,000
Less: Accumulated depreciation
($160,000)
Net Property and Equipment
$435,000
Intangible Assets
Patents (net of amortization)
$10,000
Other Non-Current Assets
Cash
$15,000
Investments
$30,000
Total Other Non-Current Assets
$45,000
Total Assets
$894,000
LIABILITY AND STOCKHOLDERS EQUITY:
Current Liabilities
Accounts Payable
$75,000
Notes Payable
$40,000
Interest Payable
$20,000
Total current liabilities
$135,000
Non-Current Liabilities
Notes Payable
$90,000
Bonds Payable
$240,000
Total Non-Current Liabilities
$330,000
Total Liabilities
$465,000
STOCKHOLDER'S EQUITY
Common Stock
$300,000
Retained Earnings
$129,000
Total Stockholder's Equity
$429,000
Total Liability and Stockholders Equity
$894,000
Fiscal Ended
31-Dec-18
ASSETS
Current Assets
Cash
$30,000
Investments
$80,000
Accounts Receivables
$60,000
Inventories
$200,000
Prepaid Insurance
$9,000
Assets held for sale
$25,000
Total Current Assets
$404,000
Property, Plant and Equipment, at Cost
$595,000
Less: Accumulated depreciation
($160,000)
Net Property and Equipment
$435,000
Intangible Assets
Patents (net of amortization)
$10,000
Other Non-Current Assets
Cash
$15,000
Investments
$30,000
Total Other Non-Current Assets
$45,000
Total Assets
$894,000
LIABILITY AND STOCKHOLDERS EQUITY:
Current Liabilities
Accounts Payable
$75,000
Notes Payable
$40,000
Interest Payable
$20,000
Total current liabilities
$135,000
Non-Current Liabilities
Notes Payable
$90,000
Bonds Payable
$240,000
Total Non-Current Liabilities
$330,000
Total Liabilities
$465,000
STOCKHOLDER'S EQUITY
Common Stock
$300,000
Retained Earnings
$129,000
Total Stockholder's Equity
$429,000
Total Liability and Stockholders Equity
$894,000
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