Question

The following is a December 31, 2018, post-closing trial balance for Almway Corporation Account Title Investments counts receivable Inventories Prepaid insurance for the next 9 months) Land Buildings Rocumulated depreciation-buildings Equipment Accumulated depreciation equipment Patents (met of amortization) Accounts payable Notes payable Interest payable Bonds Payable Common stock Stained earnings Totals Debits Credits $ 51,000 116,000 63,000 203,000 9,000 96,000 423,000 $ 103,000 113,000 63.000 13.000 81,000 139,000 23,000 243,000 309,000 126,000 $1,087,000 $1,087,000 Additional information: 1. The investment account includes an investment in common stock of another corporation of $33,000 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 $28,000 that the company has not used and is currently listed for sale 3. The cash account includes $18,000 restricted in a fund to pay bonds payable that whture in 2021 and $26,000 set aside in a three- morth Treasury bill 4. The notes payable account consists of the following: 2. a $33.000 note due in six months b. a 553.000 note due in six years. ca 553.000 note due in five annual installments of $10,600 each with the next installment due February 15, 2019 5. The $63.000 balance in accounts receivable is net of an allowance for uncollectible accounts of $7000 6. The common stock account represents 103,000 shares of no par value common stock issued and outstanding. The corporation has 500.000 shares authorized < Prev Next > 1 2 3 $ 4 5 6 7 8 9 0 W E R T Y U 0 А S D F G H. к L

Answer 1

Ans.

ALMWAY CORPORATION Balance Sheet At December 31, 2018

Current Assets
Cash $ Cash Equivalents (51,000 - 18,000 )	$33,000
Short-term Investments (116,000 - 33,000)	$83,000
Accounts Receviables, Net of Allowance for uncollectible accounts of $7,000	$63,000
Inventories	$203,000
Prepaid Insurance	$9,000
Total Current Assets	$391,000
Investments
Marketable securities	$33,000
Land held for sale	$28,000
Bond sinking Fund	$18,000
Total Investment	$79,000
Property, Plant & Equipment
Land (96,000 - 28,000)	$68,000
Buildings	$423,000
Equipments	$113,000
Total	$604,000
Less:- Accumulated Deprication (103,000+63,000)	$166.000
Net Property, Plant & Equipment	$438,000
Intangible Assets
Patents	$13,000
Total Assets	$921,000
Current Liabilities
Accounts Payable	$81,000
Interest Payable	$23,000
Note Payable	$33,000
Current Maturities of long-Term debt	$10,600
Total Current liabilities	$147,600
Long-Term Liabilities
Notes Payable (139,000-33,000 -10,600)x	$95,400
Bonds Payable	$243,000
Total Long-Term Liabilities	$338,400
Shareholders' Equity
Common Stock No per value 5,00,000 shares
Authorized 1,03,000 shares issued & outstanding	$309,000
Retained Earnings	$126,000
Total Shareholders' Equity	$435,000
Total Liabilities and shareholders' Equity	$921,000