Reference no: EM132849223

Question - Make a balance sheet to list - The following is a December 31, 2021, post-closing trial balance for Almway Corporation.

ALMWAY CORP BALANCE SHEET DECEMBER 31, 2021
Account Title	Debits	Credits
Cash	$53,000
Investment in equity securities	118,000
Accounts receivable	64,000
Inventory	204,000
Prepaid insurance (for the next 9 months)	8,000
Land	98,000
Buildings	424,000
Accumulated depreciation-buildings		$104,000
Equipment	114,000
Accumulated depreciation-equipment		64,000
Patent (net)	14,000
Accounts payable		83,000
Notes payable		142,000
Interest payable		24,000
Bonds Payable		244,000
Common stock		312,000
Retained earnings		124,000
Totals	$1,097,000	$1,097,000

Additional information:

1. The investment in equity securities account includes an investment in common stock of another corporation of $34,000 which management intends to hold for at least three years. The balance of these investments is intended to be sold in the coming year.

2. The land account includes land which cost $29,000 that the company has not used and is currently listed for sale.

3. The cash account includes $19,000 restricted in a fund to pay bonds payable that mature in 2024 and $27,000 restricted in a three-month Treasury bill.

4. The notes payable account consists of the following:

a. a $34,000 note due in six months.

b. a $54,000 note due in six years.

c. a $54,000 note due in five annual installments of $10,800 each, with the next installment due February 15, 2022.

5. The $64,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $6,000.

6. The common stock account represents 104,000 shares of no par value common stock issued and outstanding. The corporation has 600,000 shares authorized.

Required - Show a classified balance sheet for the Almway Corporation at December 31, 2021.