Problem 3-3 (Algo) Balance sheet preparation [LO3-2, 3-3] The following is December 31, 2024, post-closing trial...

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Problem 3-3 (Algo) Balance sheet preparation [LO3-2, 3-3] The following is December 31, 2024, post-closing trial balance for Almway Corporation. Account Title Cash Investment in equity securities Debits $ 85,000 150,000 Credits Accounts receivable 80,000 Inventory 220,000 Prepaid insurance (for the next 9 months) 8,000 Land 130,000 Buildings 440,000 Equipment Accumulated depreciation-buildings Accumulated depreciation-equipment Patent (net) Accounts payable Notes payable Interest payable Bonds Payable Common stock $ 120,000 130,000 80,000 30,000 115,000 190,000 40,000 260,000 360,000 Retained earnings Totals 108,000 $ $ 1,273,000 1,273,000 Additional information: 1. The investment in equity securities account includes an investment in common stock of another corporation of $50,000 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 $45,000 that the company has not used and is currently listed for sale. 3. The cash account includes $35,000 restricted in a fund to pay bonds payable that mature in 2027 and $43,000 restricted in a three-month Treasury bill. 4. The notes payable account consists of the following: a. a $50,000 note due in six months. b. a $70,000 note due in six years. c. a $70,000 note due in five annual installments of $14,000 each, with the next installment due February 15, 2025. 5. The $80,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $5,000. 6. The common stock account represents 120,000 shares of no par value common stock issued and outstanding. The corporation has 500,000 shares authorized. Required: Prepare a classified balance sheet for the Almway Corporation at December 31, 2024. Note: Amounts to be deducted should be indicated by a minus sign. Problem 3-3 (Algo) Balance sheet preparation [LO3-2, 3-3] The following is December 31, 2024, post-closing trial balance for Almway Corporation. Account Title Cash Investment in equity securities Debits $ 85,000 150,000 Credits Accounts receivable 80,000 Inventory 220,000 Prepaid insurance (for the next 9 months) 8,000 Land 130,000 Buildings 440,000 Equipment Accumulated depreciation-buildings Accumulated depreciation-equipment Patent (net) Accounts payable Notes payable Interest payable Bonds Payable Common stock $ 120,000 130,000 80,000 30,000 115,000 190,000 40,000 260,000 360,000 Retained earnings Totals 108,000 $ $ 1,273,000 1,273,000 Additional information: 1. The investment in equity securities account includes an investment in common stock of another corporation of $50,000 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 $45,000 that the company has not used and is currently listed for sale. 3. The cash account includes $35,000 restricted in a fund to pay bonds payable that mature in 2027 and $43,000 restricted in a three-month Treasury bill. 4. The notes payable account consists of the following: a. a $50,000 note due in six months. b. a $70,000 note due in six years. c. a $70,000 note due in five annual installments of $14,000 each, with the next installment due February 15, 2025. 5. The $80,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $5,000. 6. The common stock account represents 120,000 shares of no par value common stock issued and outstanding. The corporation has 500,000 shares authorized. Required: Prepare a classified balance sheet for the Almway Corporation at December 31, 2024. Note: Amounts to be deducted should be indicated by a minus sign.