Problem 33 Balance sheet preparation LO32 33 The following i

Problem 3-3 Balance sheet preparation [LO3-2, 3-3] The following is a December 31, 2018, post-closing trial balance for Almway Corporation. Account Title Debitscredits Cash Investments Accounts receivable Inventories Prepaid insurance (for the next 9 months) Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Patents (net of amortization) Accounts payable Notes payable Interest payable Bonds Payable Common stock Retained earnings Totals 47,000 112,000 61,000 201,000 8,000 92,000 421,000 101,000 111,000 es 61,000 11,000 77,000 133,000 21,000 241,000 303,000 127,000 1,064,000 1,064,000

Solution

Answer:

Almway Corporation

Balance Sheet

31-Dec-18

Assets

Current assets

Cash

31,000

Account receivable net of
Allowance for uncollectible accounts 9000

61,000

Short Term Investments

81,000

Inventories

201,000

Prepaid Expenses

8,000

    Total current assets

382,000

Investments

Marketable securities

31,000

Land held for Resale

26,000

Bond Sinking Fund

16,000

Total Investment

73,000

Property, plant and equipment

Land

66,000

Buildings

421000

Equipment

111,000

Total

598,000

Less: Accumulated depreciation

-162,000

Net property plant and equipment

436,000

Intangibles Asstes

Patents

11,000

Total assets

902,000

Liabilities and Stockholders\' Equity

Current liabilities

Accounts payable

77,000

Interest payable

21,000

Note Payable  

31,000

Current maturities of long term debt

10,200

    Total current liabilities

139,200

Long term liabilities

Notes payable

91,800

Bonds payable

241,000

Total long term liabilities

332,800

Stockholders\' equity

Common Stock no par value 400,000 shares authorized , 101,000 shares issued and outstanding

303,000

Retained earnings

127000

Total liabilities and stockholders\' equity

902,000

Almway Corporation
Balance Sheet
31-Dec-18
Assets
Current assets
Cash	31,000
Account receivable net of Allowance for uncollectible accounts 9000	61,000
Short Term Investments	81,000
Inventories	201,000
Prepaid Expenses	8,000
Total current assets		382,000
Investments
Marketable securities	31,000
Land held for Resale	26,000
Bond Sinking Fund	16,000
Total Investment		73,000
Property, plant and equipment
Land	66,000
Buildings	421000
Equipment	111,000
Total	598,000
Less: Accumulated depreciation	-162,000
Net property plant and equipment		436,000
Intangibles Asstes
Patents		11,000
Total assets		902,000
Liabilities and Stockholders\' Equity
Current liabilities
Accounts payable	77,000
Interest payable	21,000
Note Payable	31,000
Current maturities of long term debt	10,200
Total current liabilities		139,200
Long term liabilities
Notes payable	91,800
Bonds payable	241,000
Total long term liabilities		332,800
Stockholders\' equity
Common Stock no par value 400,000 shares authorized , 101,000 shares issued and outstanding		303,000
Retained earnings		127000
Total liabilities and stockholders\' equity		902,000