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Almway Corporation classified balance sheet 2011

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

Account Title Debits Credits
Cash $ 53,500
Investments 113,500
Accounts receivable 68,500
Inventories 207,000
Prepaid insurance 9,500
Land 91,500
Buildings 424,000
Accumulated depreciation?buildings $ 148,000
Equipment 113,000
Accumulated depreciation?equipment 61,500
Patents (net of amortization) 12,000
Accounts payable 70,000
Notes payable 126,500
Interest payable 17,000
Bonds Payable 239,000
Common stock 300,000
Retained earnings 130,500

Totals $ 1,092,500 $ 1,092,500

Additional information:
1. The investment account includes an investment in common stock of another corporation of $35,000 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 $35,000 that the company has not used and is currently listed for sale.
3. The cash account includes $16,000 set aside in a fund to pay bonds payable that mature in 2014 and $17,000 set aside in a three-month Treasury bill.
4. The notes payable account consists of the following:
a. a $60,000 note due in six months.
b. a $50,000 note due in six years.
c. a $16,500 note due in five annual installments of $3,300 each, with the next installment due February 15, 2012.
5. The $68,500 balance in accounts receivable is net of an allowance for uncollectible accounts of $4,000.
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.

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Solution Summary

Your classified balance sheet is in the provided excel template with the "correct" flags showing the solution matches the file answer.

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