The following is a December 31, 2016, post-closing trial balance for Almway Corporation. Account Title Debits Credits Cash 47,000 Investments 112,000 Accounts receivable 61,000 Inventories 201,000 Prepaid insurance 8,000 Land 92,000 Buildings 421,000 Accumulated...

4.1 Ratings (789 Votes)

Balance sheet
Assets			Liabilties & shareholder's equity
Current Assets			Current liabilties:
Cash and cash equivalents(47000-16000)	$ 31,000		Accounts payable	$ 77,000
Short term investments(112000-31000)	$ 81,000		Interest payable	$ 21,000
Accounts receivable met	$ 61,000		Note payable	$ 31,000
Inventories	$ 201,000		Current maturities of long term debt	$ 10,200
Prepaid insurance	$ 8,000		total current liabilties		$ 139,200
Total current assets		$ 382,000
			Long term liabilties
Investments			Notes payable(51000+51000-10200)	$ 91,800
Marketable securities	$ 31,000		Bonds payable	$ 241,000
Land held for sale	$ 26,000		Total long term liailities		$ 332,800
Bond sinking fund	$ 16,000		total liabilities		$ 472,000
total investments		$ 73,000
			Shareholder's equity
PP&EE			common stock	$ 303,000
Land	$ 66,000		retained earnigns	$ 127,000
Building	$ 421,000		total Shareholder's equity		$ 430,000
Equipment	$ 111,000
	$ 598,000
Les:accumulated depriciation	$ (162,000)	$ 436,000

intangible assets
patents	$ 11,000	$ 11,000
total assets		$ 902,000	total liabilties &equity		$ 902,000

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Account Title	Debits		Credits
Cash		47,000
Investments		112,000
Accounts receivable		61,000
Inventories		201,000
Prepaid insurance		8,000
Land		92,000
Buildings		421,000
Accumulated depreciation—buildings				101,000
Equipment		111,000
Accumulated depreciation—equipment				61,000
Patents (net of amortization)		11,000
Accounts payable				77,000
Notes payable				133,000
Interest payable				21,000
Bonds Payable				241,000
Common stock				303,000
Retained earnings				127,000

Totals		1,064,000		1,064,000

1.	The investment account includes an investment in common stock ofanother corporation of $31,000 which management intends to hold forat least three years. The balance of these investments is intendedto be sold in the coming year.
2.	The land account includes land which cost $26,000 that thecompany has not used and is currently listed for sale.
3.	The cash account includes $16,000 restricted in a fund to paybonds payable that mature in 2019 and $24,000 set aside in athree-month Treasury bill.
4.	The notes payable account consists of the following:

	a.	a $31,000 note due in six months.
	b.	a $51,000 note due in six years.
	c.	a $51,000 note due in five annual installments of $10,200 each,with the next installment due February 15, 2017.

5.	The $61,000 balance in accounts receivable is net of anallowance for uncollectible accounts of $9,000.
6.	The common stock account represents 101,000 shares of no parvalue common stock issued and outstanding. The corporation has400,000 shares authorized.

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