70.2K

Verified Solution

Link Copied!

dditional information: 1. The investment in equity securities account includes an investment in common stock of another corporation of $42,000 w management intends to hold for at least three years. The balance of these investments is intended to be sold in the comin 2. The land account includes land which cost $37,000 that the company has not used and is currently listed for sale. 3. The cash account includes $27,000 restricted in a fund to pay bonds payable that mature in 2027 and $35,000 restricted three-month Treasury bill. 4. The notes payable account consists of the following: a. a $42,000 note due in six months. b. a $62,000 note due in six years. c. a $62,000 note due in five annual installments of $12,400 each, with the next installment due February 15,2025. 5 . The $72,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $9,000. 6. The common stock account represents 112,000 shares of no par value common stock issued and outstanding. The corporat has 600,000 shares authorized. Other assets: Total assets $141,000 Liabilities and Shareholders' Equity Current liabilities: \begin{tabular}{|l|l|l|} \hline Total investments & & \\ \hline & & \\ \hline \end{tabular} Problem 3-3 (Algo) Balance sheet preparation [LO3-2, 3-3] The following is a December 31,2024, post-closing trial balance for Almway Corporation. Additional information: 1. The investment in equity securities account includes an investment in common stock of another corpo management intends to hold for at least three years. The balance of these investments is intended to 2. The land account includes land which cost $37,000 that the company has not used and is currently lis 3. The cash account includes $27,000 restricted in a fund to pay bonds payable that mature in 2027 and three-month Treasury bill. 4. The notes payable account consists of the following: a. a $42,000 note due in six months. b. a $62,000 note due in six years. c. a $62,000 note due in five annual installments of $12,400 each, with the next installment due Febru 5. The $72,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $9,00 dditional information: 1. The investment in equity securities account includes an investment in common stock of another corporation of $42,000 w management intends to hold for at least three years. The balance of these investments is intended to be sold in the comin 2. The land account includes land which cost $37,000 that the company has not used and is currently listed for sale. 3. The cash account includes $27,000 restricted in a fund to pay bonds payable that mature in 2027 and $35,000 restricted three-month Treasury bill. 4. The notes payable account consists of the following: a. a $42,000 note due in six months. b. a $62,000 note due in six years. c. a $62,000 note due in five annual installments of $12,400 each, with the next installment due February 15,2025. 5 . The $72,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $9,000. 6. The common stock account represents 112,000 shares of no par value common stock issued and outstanding. The corporat has 600,000 shares authorized. Other assets: Total assets $141,000 Liabilities and Shareholders' Equity Current liabilities: \begin{tabular}{|l|l|l|} \hline Total investments & & \\ \hline & & \\ \hline \end{tabular} Problem 3-3 (Algo) Balance sheet preparation [LO3-2, 3-3] The following is a December 31,2024, post-closing trial balance for Almway Corporation. Additional information: 1. The investment in equity securities account includes an investment in common stock of another corpo management intends to hold for at least three years. The balance of these investments is intended to 2. The land account includes land which cost $37,000 that the company has not used and is currently lis 3. The cash account includes $27,000 restricted in a fund to pay bonds payable that mature in 2027 and three-month Treasury bill. 4. The notes payable account consists of the following: a. a $42,000 note due in six months. b. a $62,000 note due in six years. c. a $62,000 note due in five annual installments of $12,400 each, with the next installment due Febru 5. The $72,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $9,00

Answer & Explanation Solved by verified expert

See Answer