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

Please fill out all the requirements in the balance sheet.

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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