Excel Templates for Homework - Ch. 3 - Student Name: Class:...

Student Name:
Class:
Problem 03-03
ALMWAY CORPORATION
Balance Sheet
at December 31, 2006
Assets
Current assets:
Cash and cash equivalents
Short-term investments
Accounts receivable, net of allowance for
uncollectible accounts of $8,000
Inventories
Prepaid insurance
Total current assets
Investments:
Marketable securities
Land held for sale
Bond sinking fund
Total investments
Property, plant, and equipment:
Land
Buildings
Equipment
Less: Accumulated depreciation
Net property, plant, and equipment
Intangibles:
Patents
Total assets
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable
Interest payable
Note payable
Current maturities of long-term debt
Total current liabilities
Long-term liabilities:
Notes payable
Bonds payable
Total long-term liabilities
Shareholders' equity:
Common stock, no par value; 500,000 shares
authorized; 100,000 shares issued and outstanding
Retained earnings
Total shareholders' equity
Total liabilities and shareholders' equity

Given Data P03-03:
ALMWAY CORPORATION
Post-Closing Trial Balance
December 31, 2006
Account Title Debits Credits
Cash 45,000
Investments 110,000
Accounts receivable 60,000
Inventories 200,000
Prepaid insurance 9,000
Land 90,000
Buildings 420,000
Accumulated depreciation - buildings 100,000
Equipment 110,000
Accumulated depreciation - equipment 60,000
Patents (net of amortization) 10,000
Accounts payable 75,000
Notes payable 130,000
Interest payable 20,000
Bonds payable 240,000
Common stock 300,000
Retained earnings 129,000
Totals 1,054,000 1,054,000
Additional Information:
Common stock investment $30,000
Intention to hold (years) 3
Land cost $25,000
Cash set aside to pay bonds payable 15,000
Cash set aside in 3-month treasury bill 23,000