Question & Answer: The following is a December 31, 2016, post-closing trial balance for Almway Corporation. Debits Account Title Cash Investments Accou…..

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The following is a December 31, 2016, post-closing trial balance for Almway Corporation. Debits Account Title Cash Investments Accounts receivable Inventories Prepaid insurance Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Patents (net of amortization) Accounts payable Notes payable Interest payable Bonds Payable Common stock Retained earnings Credits 81,000 146,000 78,000 218,000 7,000 126,000 438,000 118,000 28,000 78,000 28,000 111,000 184,000 38,000 258,000 354,000 09,000 Totals 1,250,000 1,250,000
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The following is a December 31, 2016, post-closing trial balance for Almway Corporation. Debits Account Title Cash Investments Accounts receivable Inventories Prepaid insurance Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Patents (net of amortization) Accounts payable Notes payable Interest payable Bonds Payable Common stock Retained earnings Credits 81,000 146,000 78,000 218,000 7,000 126,000 438,000 118,000 28,000 78,000 28,000 111,000 184,000 38,000 258,000 354,000 09,000 Totals 1,250,000 1,250,000

Expert Answer

 

Almway Corporation
Assets
Current assets
Cash and cash equivalents 48,000
short term investments 98,000
Accounts receivable,net of allowance 78,000
inventories 218,000
prepaid insurance 7,000
total current assets 449,000
Investments:
Marketable securities 48,000
Land held for sale 43,000
Bond sinking fund 33,000
Total investments 124,000
Property,plant & Equipment
land. 83,000
Buildings 438,000
Equipment 128,000
649,000
less Accumulated depreciation 196,000
Net property,plant&Equipment 453,000
intangible assets
Patents 28,000
Total Assets 1,054,000
Liabilities & Stockholder’s Equity
Current liabilties
Accounts payable 111,000
interest payable 38,000
current maturities of long term debt 13,600
notes payable 48,000
total current liabilties 210,600
long-term liabilities
notes payable 122,400
bonds payable 258,000
total long term liabilities 380,400
shareholder’s Equity
Common stock 354,000
Retained earnings 109,000
total stockholders Equity 463,000
total liabilities & Stockholder’s Equity 1,054,000

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