In: Accounting
The following is a December 31, 2021, post-closing trial balance
for Almway Corporation.
Account Title | Debits | Credits | |||||||
Cash | $ | 81,000 | |||||||
Investment in equity securities | 146,000 | ||||||||
Accounts receivable | 78,000 | ||||||||
Inventory | 218,000 | ||||||||
Prepaid insurance (for the next 9 months) | 7,000 | ||||||||
Land | 126,000 | ||||||||
Buildings | 438,000 | ||||||||
Accumulated depreciation—buildings | $ | 118,000 | |||||||
Equipment | 128,000 | ||||||||
Accumulated depreciation—equipment | 78,000 | ||||||||
Patent (net) | 28,000 | ||||||||
Accounts payable | 111,000 | ||||||||
Notes payable | 184,000 | ||||||||
Interest payable | 38,000 | ||||||||
Bonds Payable | 258,000 | ||||||||
Common stock | 354,000 | ||||||||
Retained earnings | 109,000 | ||||||||
Totals | $ | 1,250,000 | $ | 1,250,000 | |||||
Additional information:
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.)