he 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 investment in equity securities account includes an investment in common stock of another corporation of $30,000 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 $25,000 that the company has not used and is currently listed for sale. The cash account includes $15,000 restricted in a fund to pay bonds payable that mature in 2024 and $23,000 restricted in a three-month Treasury bill. The notes payable account consists of the following: a $30,000 note due in six months. a $50,000 note due in six years. a $50,000 note due in five annual installments of $10,000 each, with the next installment due February 15, 2022. The $60,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $8,000. The common stock account represents 100,000 shares of no par value common stock issued and outstanding. The corporation has 500,000 shares authorized. 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.) This is the format I'm asked to put it in. Im stuck in the allowances

he 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 investment in equity securities account includes an investment in common stock of another corporation of $30,000 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 $25,000 that the company has not used and is currently listed for sale. The cash account includes $15,000 restricted in a fund to pay bonds payable that mature in 2024 and $23,000 restricted in a three-month Treasury bill. The notes payable account consists of the following: a $30,000 note due in six months. a $50,000 note due in six years. a $50,000 note due in five annual installments of $10,000 each, with the next installment due February 15, 2022. The $60,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $8,000. The common stock account represents 100,000 shares of no par value common stock issued and outstanding. The corporation has 500,000 shares authorized. 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.) This is the format I'm asked to put it in. Im stuck in the allowances

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

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 15P: Investments in Equity Securities Manson Incorporated reported investments in equity securities of...

See similar textbooks

Related questions

Concept explainers

Topic Video

Question

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 investment in equity securities account includes an investment in common stock of another corporation of $30,000 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 $25,000 that the company has not used and is currently listed for sale.
The cash account includes $15,000 restricted in a fund to pay bonds payable that mature in 2024 and $23,000 restricted in a three-month Treasury bill.
The notes payable account consists of the following:

a $30,000 note due in six months.
a $50,000 note due in six years.
a $50,000 note due in five annual installments of $10,000 each, with the next installment due February 15, 2022.

The $60,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $8,000.
The common stock account represents 100,000 shares of no par value common stock issued and outstanding. The corporation has 500,000 shares authorized.

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.)

This is the format I'm asked to put it in. Im stuck in the allowances

ALMWAY CORPORATION
Balance Sheet
At December 31, 2021
Assets
Current assets:
Cash and cash equivalents
Short-term investments
Accounts receivable
Less: Allowance for uncollectible accounts
Net accounts receivable
Inventories
Prepaid insurance
Total current assets
Investments:
Investments in equity securities
Land held for sale
Restricted cash
Total investments
Property, plant, and equipment:
Land
Buildings
Equipment
Less: Accumulated depreciation-buildinas

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.