Page 11 of 28 debits credits 30000 40000 1500 60000

This preview shows page 11 - 21 out of 28 pages.

Page 11 of 28 Debits Credits 30,000 40,000 1,500 60,000 20,000 - 2,000 - 80,000 30,000 31,000 - 50,000 - - 60,000 24,500 148,000 - 70,000 18,900 11,000 - - 1,100 6,000 3,000 343,500 343,500 $ 10,000 $ 40,000 $ 5,500 $ 1,500 $ 50,000 12%
Page 12 of 28 10 years $ 20,000 8% $ 6,000 $ 800 $ 2,000 $ 2,000 $ 1,000
Page 13 of 28 Given Data P3-3: Almway Corporation Post-Closing Trial Balance December 31, 2018 Account Title Debits Cash 45,000 Investments 110,000 Accounts receivable 60,000 Inventories 200,000 Prepaid Insurance (for the next 9 months) 9,000 Land 90,000 Buildings 420,000 Accumulated depreciation - buildings Equipment 110,000 Accumulated depreciation - equipment Patents (net of amortization) 10,000 Accounts payable Notes payable Interest Payable Bonds Payable Common stock Retained earnings Totals 1,054,000 Additional Information: Investment account includes an investment in common stock of another corp (Management intends to hold for 3 years. Balance of investments to be sold in coming y Land cost of property not in use (currently listed for sale) Cash account funds restricted to pay bonds payable (mature in 2021) funds restricted in a Treasury bill (3 month term) Note payable due in 6 months Note payable due in 6 years Note payablein 5 annual installments due 2/15/2019 Installment Accounts receivable:
Page 14 of 28 Amounts owed by customers Allowance for uncollectible accounts-trade customers Total Shares of no par common stock authorized Shares of common stock issued and outstanding
Page 15 of 28 Credits 100,000 60,000 75,000 130,000 20,000 240,000 300,000 129,000 1,054,000 $ 30,000 year) $ 25,000 $ 45,000 (15,000) (23,000) 7,000 $ 30,000 $ 50,000 $ 50,000 $ 10,000
Page 16 of 28 $ 60,000 (8,000) $ 52,000 500,000 100,000
Page 17 of 28 P3-3 Required: Prepare a classified balanced sheet
Page 18 of 28 Total current liabilities Long-term liabilities: Note payable $ 90,000 Bonds Payable 240,000 Total long-term liabilities Shareholders' equity: Common stock, no par value; 500,000 shares authorized; 100,000 shares issued and outstanding 300,000 Retained earnings 129,000 Total shareholders' equity Total liabilities and shareholders' equity
Page 19 of 28 $ 7,000 80,000 60,000 200,000 9,000 356,000 93,000 435,000 10,000 $ 894,000 $ 75,000 20,000 30,000 10,000
Page 20 of 28 135,000 330,000 429,000 $ 894,000

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