The following is a December 31, 2021, post-closing trial balance for Almway Corporation. Account Title Cash Investment in equity securities Accounts receivable Inventory Prepaid insurance (for the next 9 months) Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation equipment Patent (net) Accounts payable Notes payable Interest payable Bonds Payable Common stock Retained earnings Totals Debits Credits $ 77,000 142,000 76,000 216,000 6,000 122,000 436,000 $ 116,000 126,000 76,000 26,000 107.000 178,000 36,000 256,000 348,000 110,000 $1,227,000 $1,227,000
Additional information:
1. 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.
2. The land account includes land which cost $41,000 that the company has not used and is currently listed for sale.
3. The cash account includes $31,000 restricted in a fund to pay bonds payable that mature in 2024 and $39,000 restricted in a thre month Treasury bill
4. The notes payable account consists of the following:
a. a $46,000 note due in six months.
b. a $66,000 note due in six years.
c. a $66,000 note due in five annual installments of $13,200 each, with the next installment due February 15, 2022
5. The $76,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $6,000
6. The common stock account represents 116,000 shares of no par value common stock issued and outstanding. The corporation has 300,000 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.)

Almway Corporation

Classified Balance Sheet as at December 31, 2021:

Assets

Current assets:

Cash                                            $ 7,000

Restricted Cash                           39,000

Investment in

 equity securities                        46,000

Accounts receivable      82,000

Allowance for

uncollectible accounts $6,000 76,000

Inventory                                   216,000

Prepaid insurance                        6,000

(for the next 9 months)

Total current assets             $390,000

Long-term assets:

Land for sale                              41,000

Land for use                              81,000

Buildings              436,000

Acc. depreciation  116,000    320,000

Equipment            126,000

Acc. depreciation  76,000      50,000

Patent (net)                              26,000

Investment in

 equity securities                   96,000

Restricted Cash                      31,000

Long-term assets              $645,000

Total assets                     $1,035,000

Liabilities and Equity

Current Liabilities:|

Accounts payable                 107,000

Short-term notes payable     59,200

Interest payable                     36,000

Total current liabilities      $202,200

Long-term notes payable     118,800

Bonds Payable                    256,000

Total long-term liabilities  $374,800

Total liabilities                   $577,000

Common stock                   348,000

Retained earnings               110,000

Total equity                      $458,000

Total liabilities & equity $1,035,000

Explanation:

a) Data and Calculations:

Almway Corporation

Post-closing Trial Balance as at December 31, 2021:

Account Titles                      Debit       Credit

Cash                                 $ 77,000

Investment in

 equity securities             142,000

Accounts receivable          76,000

Inventory                          216,000

Prepaid insurance               6,000

(for the next 9 months)

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

Adjustments:

1. Investment in equity securities $142,000

   Long-term investments                46,000

  Short-term investments =             96,000

2. Land for sale = $41,000

   Land for use =  $81,000

Total land = $122,000

3. Restricted Cash (2024) = $31,000

   Restricted Cash (short-term) = $39,000

   Other cash = $7,000

4. Notes payable:

Short-term notes = $59,200 ($46,000 + $13,200)

Long-term notes = $118,800

5. Accounts receivable = $82,000

Allowance for Uncollectible accounts = $6,000

6. Authorized shares = 300,000

   Issued and outstanding shares = 116,000

Almway Corporation

Adjusted Trial Balance as at December 31, 2021:

Account Titles                      Debit       Credit

Cash                                   $ 7,000

Restricted Cash                  39,000

Investment in

 equity securities               46,000

Accounts receivable          82,000

Allowance for uncollectible accounts    $6,000

Inventory                           216,000

Prepaid insurance                6,000

(for the next 9 months)

Land for sale                       41,000

Land for use                       81,000

Buildings                          436,000

Accumulated depreciation-buildings    116,000

Equipment                       126,000

Accumulated depreciation equipment  76,000

Patent (net)                       26,000

Investment in

 equity securities             96,000

Restricted Cash                31,000

Accounts payable                                 107,000

Short-term notes payable                     59,200

Interest payable                                     36,000

Long-term notes payable                     118,800

Bonds Payable                                    256,000

Common stock                                    348,000

Retained earnings                                110,000  

Totals                       $1,233,000    $1,233,000

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