Question

The following is a December 31, 2018, post-closing trial balance for Almway Corporation.

Account Title	Debits					Credits
Cash		$	73,000
Investments			138,000
Accounts receivable			74,000
Inventories			214,000
Prepaid insurance (for the next 9 months)			5,000
Land			118,000
Buildings			434,000
Accumulated depreciation—buildings					$	114,000
Equipment			124,000
Accumulated depreciation—equipment						74,000
Patents (net of amortization)			24,000
Accounts payable						103,000
Notes payable						172,000
Interest payable						34,000
Bonds Payable						254,000
Common stock						342,000
Retained earnings						111,000
Totals		$	1,204,000		$	1,204,000

Additional information:

1. The investment account includes an investment in common stock of another corporation of $44,000 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 $39,000 that the company has not used and is currently listed for sale.
3. The cash account includes $29,000 restricted in a fund to pay bonds payable that mature in 2021 and $37,000 set aside in a three-month Treasury bill.
4. The notes payable account consists of the following:

1. a $44,000 note due in six months.
2. a $64,000 note due in six years.
3. a $64,000 note due in five annual installments of $12,800 each, with the next installment due February 15, 2019.

5. The $74,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $9,000.
6. The common stock account represents 114,000 shares of no par value common stock issued and outstanding. The corporation has 700,000 shares authorized.

Required:
Prepare a classified balance sheet for the Almway Corporation at December 31, 2018. (Amounts to be deducted should be indicated by a minus sign.)

Answer 1

ALMWAY CORPORATION
Balance Sheet
December 31, 2018
Assets
Current assets
Cash and cash equivalents ($73000 - $29000)		44000
Short-term investments ($138000 - $44000)		94000
Accounts receivable	83000
Less: Allowance for uncollectible accounts	-9000	74000
Inventories		214000
Prepaid insurance		5000
Total current assets		431000
Investments
Marketable securities		44000
Land held for sale		39000
Sinking fund for bonds payable		29000
Total investments		112000
Property, plant, and equipment
Land ($118000 - $39000)		79000
Buildings	434000
Less: Accumulated depreciation	-114000	320000
Equipment	124000
Less: Accumulated depreciation	-74000	50000
Net property, plant, and equipment		449000
Intangible assets
Patents, net of amortization		24000
Total assets		1016000
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable		103000
Notes payable		44000
Interest payable		34000
Current maturities of long-term debt		12800
Total current liabilities		193800
Long-term liabilities
Notes payable ($64000 + $64000 - $12800)		115200
Bonds payable		254000
Total long-term liabilities		369200
Total liabilities		563000
Stockholders' equity
Common stock, no par value; 700,000 shares authorized; 114,000 shares issued and outstanding		342000
Retained earnings		111000
Total stockholders' equity		453000
Total liabilities and stockholders' equity		1016000

Note: Kindly fill appropriately in case a format is provided since the same has not been given with the question.