p3-3 - Student Name: Class: ACCT 610 PANDIT Spg 2012...

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Student Name:Class:ACCT 610 PANDIT Spg 2012Problem 03-03ALMWAY CORPORATIONBalance SheetAt December 31, 2011AssetsCurrent assets:Cash and cash equivalents$45,000Short-term investments110,000Accounts receivable, net of allowance foruncollectible accounts of $8,00060,000Inventories200,000Prepaid insurance9,000Total current assetsInvestments:Marketable securitiesLand held for sale25,000Bond sinking fundTotal investmentsProperty, plant, and equipment:Land65,000Buildings420,000Equipment110,000Less: Accumulated depreciation(160,000)Net property, plant, and equipmentIntangibles:Patents10,000Total assetsLiabilities and Shareholders' EquityCurrent liabilities:Accounts payable$75,000Interest payable20,000Note payable40,000Current maturities of long-term debt38,000Total current liabilitiesLong-term liabilities:Notes payable$90,000Bonds payable240,000Total long-term liabilitiesShareholders' equity:Common stock, no par value; 500,000 sharesauthorized; 100,000 shares issued and outstandingRetained earnings129,000Total shareholders' equityTotal liabilities and shareholders' equity
Given Data P03-03:ALMWAY CORPORATIONPost-Closing Trial BalanceDecember 31, 2011
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Accounting, Balance Sheet, Generally Accepted Accounting Principles, Total Long Term Liabilities, Almway Corporation

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