The investment account includes an investment in common

Assignment Help Accounting Basics
Reference no: EM13585503

The following is a December 31, 2013, post-closing trial balance for Almway Corporation.

  Account Title Debits Credits
  Cash
47,000



  Investments
112,000



  Accounts receivable
61,000



  Inventories
201,000



  Prepaid insurance
8,000



  Land
92,000



  Buildings
421,000



  Accumulated depreciation-buildings



101,000
  Equipment
111,000



  Accumulated depreciation-equipment



61,000
  Patents (net of amortization)
11,000



  Accounts payable



77,000
  Notes payable



133,000
  Interest payable



21,000
  Bonds payable



241,000
  Common stock



303,000
  Retained earnings



127,000







     Totals
1,064,000

1,064,000








Additional information:

1.

The investment account includes an investment in common stock of another corporation of $31,000 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 $26,000 that the company has not used and is currently listed for sale.

3.

The cash account includes $16,000 set aside in a fund to pay bonds payable that mature in 2016 and $24,000 set aside in a three-month Treasury bill.

4. The notes payable account consists of the following:

a. a $31,000 note due in six months.

b. a $51,000 note due in six years.

c.

a $51,000 note due in 5 annual installments of $10,200 each, with the next installment due February 15, 2014.

5. The $61,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $9,000.
6.

The common stock account represents 101,000 shares of no par value common stock issued and outstanding. The corporation has 400,000 shares authorized.

Required:

Prepare a classified balance sheet for the Almway Corporation at December 31, 2013.

Reference no: EM13585503

Questions Cloud

Val hooper deposited 11600 in the bank on january 1 a few : the following situations involve the application of the time value of money concept 1. jan cain deposited 19500 in the
A square current loop 45cm on each side carries a 460ma : a square current loop 4.5cm on each side carries a 460ma current. the loop is in a 1.2t uniform magnetic field. the
Immediately prior to this transaction the corporation had : beta corporation purchased 240000 worth of land by paying 24000 cash and signing a 216000 mortgage. immediately prior
Briefly and clearly explain the concept of inertia held by : 1. briefly and clearly explain the concept of inertia held by galilio kepler and descartes. make sure that your
The investment account includes an investment in common : the following is a december 31 2013 post-closing trial balance for almway corporation. nbspnbspaccount
During the month of february hoffer company had cash : during the month of february hoffer company had cash receipts of 10800 and cash disbursements of 12450. the february 28
Abc companys overhead amounts to 300000 per period based on : abc companys overhead amounts to 300000 per period based on an output of 200 units of a 300 units of b and 500 units of
Prepare journal entries to close the accounts directly to : the adjusted trial balance prepared decembers 31 for cheryl fontaine amp company shipping agent containds the following
On the first day of the current month rent for four months : for each of the following unrelated situations prepare the necessary adjusting entry in general journal formjuly 31sta.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Assuming that the company uses the perpetual inventory

assuming that the company uses the perpetual inventory system determine the cost of merchandise sold for the sale of

  In addition assume that beerbev sold 43000 barrels of beer

beerbev inc. reported the following operating information for a recent yearnet sales6880000cost of goods

  There are two sets of numbers after each category the

looking for income statement and balance sheet for the better usa inc. company for 2010 and 2011there are two sets of

  What is the contribution margin per unit sold

If 12,500 units are produced, what is the total of fixed manufacturing cost incurred to support this level of production?

  Make a multiple-step income statement for reed company for

selected information about income statement accounts for the reed company is presented below the companys fiscal year

  Roberts iii corporation is considering an investment in

roberts iii corporation is considering an investment in special-purpose equipment to enable the company to obtain a

  Company purchasing supplies

O'Connor Company purchased supplies totaling $21,600. By year end, $9,300 of supplies were still on hand. How much supplies expense should O'Connor recognize?

  Operating activities on a statement of cash flows

Conrad Corporation sold a piece of equipment at a loss of $3,600. The equipment was purchased several years ago at a cost of $70,500 and had been depreciated a total of $52,900. Using the indirect method, what amount is reported under the operatin..

  Compound interest

Compound interest is computed quarterly on $700 for seven years at 12 percent annual interest. The future value table is used by multiplying the $700 by which factor?

  Matrix stores inc is considering leasing a building and

on august 1 matrix stores inc. is considering leasing a building and purchasing the necessary equipment to operate a

  Straight line depreciation for financial reporting

The financial reporting carrying value of Boze Music's only depreciable asset exceeded its tax basis by $150,000 at December 31, 2009. This was a result of differences between straight line depreciation for financial reporting purposes and MACRS f..

  If crosser company were to manufacture 430000 finished

crosser company budgets on a quarterly basis. the following beginning and ending inventory levels in units are planned

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd