Question: please do not answer with invirrect entry. The following is a December 31, 2024, post-closing trial balance for Almway Corporation. Account Title Debits Credits Cash
please do not answer with invirrect entry.
The following is a December 31, 2024, post-closing trial balance for Almway Corporation.
| Account Title | Debits | Credits |
|---|---|---|
| Cash | $ 67,000 | |
| Investment in equity securities | 132,000 | |
| Accounts receivable | 71,000 | |
| Inventory | 211,000 | |
| Prepaid insurance (for the next 9 months) | 9,000 | |
| Land | 112,000 | |
| Buildings | 431,000 | |
| Accumulated depreciationbuildings | $ 111,000 | |
| Equipment | 121,000 | |
| Accumulated depreciationequipment | 71,000 | |
| Patent (net) | 21,000 | |
| Accounts payable | 97,000 | |
| Notes payable | 163,000 | |
| Interest payable | 31,000 | |
| Bonds Payable | 251,000 | |
| Common stock | 333,000 | |
| Retained earnings | 118,000 | |
| Totals | $ 1,175,000 | $ 1,175,000 |
Additional information:
- The investment in equity securities account includes an investment in common stock of another corporation of $41,000 which management intends to hold for at least three years. The balance of these investments is intended to be sold in the coming year.
- The land account includes land which cost $36,000 that the company has not used and is currently listed for sale.
- The cash account includes $26,000 restricted in a fund to pay bonds payable that mature in 2027 and $34,000 restricted in a three-month Treasury bill.
- The notes payable account consists of the following:
- a $41,000 note due in six months.
- a $61,000 note due in six years.
- a $61,000 note due in five annual installments of $12,200 each, with the next installment due February 15, 2025.
- The $71,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $8,000.
- The common stock account represents 111,000 shares of no par value common stock issued and outstanding. The corporation has 600,000 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.


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