The land account includes land which cost 30000 that

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2. The land account includes land which cost $30,000 that the company has not used and is currently listed for sale.3. The cash account includes $20,000 set aside in a fund to pay bonds payable that mature in 2016 and $28,000 set aside in a three-month Treasury bill.4. The notes payable account consists of the following:a. a $35,000 note due in six months.b. a $55,000 note due in six years.c. a $55,000 note due in 5 annual installments of $11,000 each, with the next installment due February 15, 2014.5. The $65,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $8,000.6. The common stock account represents 105,000 shares of no par value common stock issued and
outstanding. The corporation has 600,000 shares authorized.Required:Prepare a classified balance sheet for the Almway Corporation at December 31, 2013.
ALMWAY CORPORATIONBalance SheetAt December 31, 2013AssetsCurrent assets:Cash and cash equivalents$35,000Short-term investments85,000Accounts receivable, net of allowance65,000Inventories205,000Prepaid insurance7,000Total current assets397,000Investments:Marketable securities$35,000Land held for sale30,000Bond sinking fund20,000Total investments85,000Property, plant, and equipment:Land70,000Buildings425,000Equipment115,000610,000Less: Accumulated depreciation(170,000)Net property, plant, and equipment440,000Intangible assets:Patents15,000Total assets937,000Liabilities and Shareholders' EquityCurrent liabilities:Accounts payable85,000Interest payable25,000Notes payable35,000Current maturities of long-term debt11,000Total current liabilities156,000Long-term liabilities:Notes payable99,000Bonds payable245,000Total long-term liabilities344,000Shareholders' equity:Common stock315,000Retained earnings122,000

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