The following is a December 31, 2011, post-closing trial balance for Almway Corporation. Additional information: 1. The

Question:

The following is a December 31, 2011, post-closing trial balance for Almway Corporation.

Additional information:

1. The investment account includes an investment in common stock of another corporation of $30,000 which management intends to hold for at least three years. The balance of these investments are intended to be sold in the coming year.

2. The land account includes land which cost $25,000 that the company has not used and is currently listed for sale.

3. The cash account includes $15,000 set aside in a fund to pay bonds payable that mature in 2014 and $23,000 set aside in a three-month Treasury bill.

4. The notes payable account consists of the following:

a. A $30,000 note due in six months.

b. A $50,000 note due in six years.

c. A $50,000 note due in five annual installments of $10,000 each, with the next installment due February 15, 2012.

5. The $60,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $8,000.

6. The common stock account represents 100,000 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, 2011.

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... Par Value
Par value is the face value of a bond. Par value is important for a bond or fixed-income instrument because it determines its maturity value as well as the dollar value of coupon payments. The market price of a bond may be above or below par,...