2) Day 7The following is a December 31, 2021, post-closing trial balance for Almway Corporation. Account TitleDebits CreditsCash $77,000 Investment in equity securities 142,000 Accounts receivable 76,000 Inventory 216,000 Prepaid insurance (for the next 9 months) 6,000 Land 122,000 Buildings 436,000 Accumulated depreciation—buildings $116,000 Equipment 126,000 Accumulated depreciation—equipment 76,000 Patent (net) 26,000 Accounts payable 107,000 Notes payable 178,000 Interest payable 36,000 Bonds Payable 256,000 Common stock 348,000 Retained earnings 110,000 Totals $1,227,000 $1,227,000 Additional information:The investment in equity securities account includes an investment in common stock of another corporation of $46,000 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 $41,000 that the company has not used and is currently listed for sale.The cash account includes $31,000 restricted in a fund to pay bonds payable that mature in 2024 and $39,000 restricted in a three-month Treasury bill.The notes payable account consists of the following:a $46,000 note due in six months.a $66,000 note due in six years.a $66,000 note due in five annual installments of $13,200 each, with the next installment due February 15, 2022.The $76,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $6,000.The common stock account represents 116,000 shares of no par value common stock issued and outstanding. The corporation has 300,000 shares authorized.

Balance sheet (BS) is the one of vital financial statements (FS) of the company which is prepared at…

Answered: ) Day 7 The following is a December…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter21: The Statement Of Cash Flows

Section: Chapter Questions

Problem 3E: Visual Inspection Noble Companys accounting records provided the following changes in account...

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2) Day 7

The following is a December 31, 2021, post-closing trial balance for Almway Corporation.

Account Title	Debits		Credits
Cash		$	77,000
Investment in equity securities			142,000
Accounts receivable			76,000
Inventory			216,000
Prepaid insurance (for the next 9 months)			6,000
Land			122,000
Buildings			436,000
Accumulated depreciation—buildings				$	116,000
Equipment			126,000
Accumulated depreciation—equipment					76,000
Patent (net)			26,000
Accounts payable					107,000
Notes payable					178,000
Interest payable					36,000
Bonds Payable					256,000
Common stock					348,000
Retained earnings					110,000
Totals		$	1,227,000	$	1,227,000

Additional information:

The investment in equity securities account includes an investment in common stock of another corporation of $46,000 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 $41,000 that the company has not used and is currently listed for sale.
The cash account includes $31,000 restricted in a fund to pay bonds payable that mature in 2024 and $39,000 restricted in a three-month Treasury bill.
The notes payable account consists of the following:

a $46,000 note due in six months.
a $66,000 note due in six years.
a $66,000 note due in five annual installments of $13,200 each, with the next installment due February 15, 2022.

The $76,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $6,000.
The common stock account represents 116,000 shares of no par value common stock issued and outstanding. The corporation has 300,000 shares authorized.

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