Chapter 3 Excel Project - Student Name: Instructor Class:...

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Student Name:InstructorClass:McGraw-Hill/IrwinProblem 03-03ALMWAY CORPORATIONBalance SheetAt December 31, 2016AssetsCurrent assets:Cash and cash equivalents$30,000Short-term investments80,000Accounts receivable, net of allowance foruncollectible accounts of $8,00060,000Inventories200,000Prepaid insurance9,000Total current assets379,000Investments:Marketable securities$30,000Land held for sale25,000Bond sinking fund15,000Total investments70,000Property, plant, and equipment:Land65,000Buildings420,000Equipment110,000595,000Less: Accumulated depreciation(160,000)Net property, plant, and equipment435,000Intangible assets:Patents10,000Total assets$894,000Correct!Liabilities and Shareholders' EquityCurrent liabilities:Accounts payable$75,000Interest payable20,000Note payable30,000Current maturities of long-term debt10,000Total current liabilities135,000Long-term liabilities:Notes payable$90,000Bonds payable240,000Total long-term liabilities330,000Shareholders' equity:Common stock, no par value; 500,000 sharesauthorized; 100,000 shares issued and outstanding300,000Retained earnings129,000Total shareholders' equity429,000Total liabilities and shareholders' equity$894,000

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Term
Spring
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Tags
Balance Sheet, Generally Accepted Accounting Principles

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