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(Solved) The following is a December 31, 2013, post-closing trial balance for Almway Corporation.


The following is a December 31, 2013, 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 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: 1. The investment account includes an investment in common stock of another corporation of $49,000 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 $44,000 that the company has not used and is currently listed for sale.

 3. The cash account includes $34,000 set aside in a fund to pay bonds payable that mature in 2016 and $42,000 set aside in a three-month Treasury bill.

 4. The notes payable account consists of the following: a. a $49,000 note due in six months. b. a $69,000 note due in six years. c. a $69,000 note due in 5 annual installments of $13,800 each, with the next installment due February 15, 2014.

 5. The $79,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $6,000. 6. The common stock account represents 119,000 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, 2013.

 


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