Cash Investment in equity securities Accounts receivable Inventory Prepaid insurance (for the next 9 months) Land...

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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 Additional information: $ 61,000 126,000 68,000 208,000 6,000 106,000 428,000 $ 108,000 118,000 68,000 18,000 91,000 154,000 28,000 248,000 324,000 118,000 $ 1,139,000 $ 1,139,000 1. The investment in equity securities account includes an investment in common stock of another corporation of $38,000 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 $33,000 that the company has not used and is currently listed for sale. 3. The cash account includes $23,000 restricted in a fund to pay bonds payable that mature in 2027 and $31,000 restricted in a three-month Treasury bill. 4. The notes payable account consists of the following: a. a $38,000 note due in six months. b. a $58,000 note due in six years. c. a $58,000 note due in five annual installments of $11,600 each, with the next installment due February 15, 2025. 5. The $68,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $5,000. 6. The common stock account represents 108,000 shares of no par value common stock issued and outstanding. The corporation has 400,000 shares authorized. Required: Prepare a classified balance sheet for the Almway Corporation at December 31, 2024. 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 Additional information: $ 61,000 126,000 68,000 208,000 6,000 106,000 428,000 $ 108,000 118,000 68,000 18,000 91,000 154,000 28,000 248,000 324,000 118,000 $ 1,139,000 $ 1,139,000 1. The investment in equity securities account includes an investment in common stock of another corporation of $38,000 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 $33,000 that the company has not used and is currently listed for sale. 3. The cash account includes $23,000 restricted in a fund to pay bonds payable that mature in 2027 and $31,000 restricted in a three-month Treasury bill. 4. The notes payable account consists of the following: a. a $38,000 note due in six months. b. a $58,000 note due in six years. c. a $58,000 note due in five annual installments of $11,600 each, with the next installment due February 15, 2025. 5. The $68,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $5,000. 6. The common stock account represents 108,000 shares of no par value common stock issued and outstanding. The corporation has 400,000 shares authorized. Required: Prepare a classified balance sheet for the Almway Corporation at December 31, 2024.

Answer rating: 100% (QA)

Based on the information provided the classified balance sheet for the Almway Corporation at Decembe... View the full answer