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  3. problem 33 balance sheet preparation lo32 33 the following is...

Question: problem 33 balance sheet preparation lo32 33 the following is...

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Problem 3-3 Balance sheet preparation [LO3-2, 3-3] The following is a December 31, 2018, post-closing trial balance for Almway Corporation Account Title Cash InvestmentS Accounts receivable Inventories Prepaid insurance (for the next 9 months) Land Buildings Accumulated depreciation buildings Equipment Accumulated depreciation equipment Patents (net of amortization) Accounts payable Notes payable Interest payable Bonds Payable Common stock Retained earnings Totals Debits Credits $55,000 120,000 65,000 205,000 7,000 100,000 425,000 $ 105,000 115,000 65,000 15,000 85,000 145,000 25,000 245,000 315,000 122,000 $1,107,000 $1,107,000 Additional information: 1. The investment account includes an investment in common stock of another corporation of $35,000 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 $30,000 that the company has not used and is currently listed for sale 3. The cash account includes $20,000 restricted in a fund to pay bonds payable that mature in 2021 and $28,000 set aside in a three-month Treasury bill 4. The notes payable account consists of the following a. a $35,000 note due in six months b. a $55,000 note due in six years c. a $55,000 note due in five annual installments of $11,000 each, with the next installment due February 15, 2019. 5. The $65,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $8,000 6. The common stock account represents 105,000 shares of no par value common stock issued and outstanding. The corporation has 600,000 shares authorizedRequired Prepare a classified balance sheet for the Almway Corporation at December 31, 2018. (Amounts to be deducted should be indicated by a minus sign.) ALMWAY CORPORATION Balance Sheet At December 31, 2018 Assets urrent assets Cash and cash equivalents Short-term investments Accounts receivable, net of allowance Inventories Prepaid insurance Total current assets Investments Marketable securities Land held for sale Total investments roperty, plant, and equipment Land Buildings Equipment 0

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