Prepare a classified balance sheet for the Almway Corporation at December 31, 2013.
| Cash | 51,000 | |||||
| Investments | 116,000 | |||||
| Accounts receivable | 63,000 | |||||
| Inventories | 203,000 | |||||
| Prepaid insurance | 9,000 | |||||
| Land | 96,000 | |||||
| Buildings | 423,000 | |||||
| Accumulated depreciation—buildings | 103,000 | |||||
| Equipment | 113,000 | |||||
| Accumulated depreciation—equipment | 63,000 | |||||
| Patents (net of amortization) | 13,000 | |||||
| Accounts payable | 81,000 | |||||
| Notes payable | 139,000 | |||||
| Interest payable | 23,000 | |||||
| Bonds payable | 243,000 | |||||
| Common stock | 309,000 | |||||
| Retained earnings | 126,000 | |||||
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| Totals | 1,087,000 | 1,087,000 | ||||
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Additional information:
| 1. |
The investment account includes an investment in common stock of another corporation of $33,000 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 $28,000 that the company has not used and is currently listed for sale. |
| 3. |
The cash account includes ,000 set aside in a fund to pay bonds payable that mature in 2016 and $26,000 set aside in a three-month Treasury bill. |
| 4. | The notes payable account consists of the following: |
| a. | a $33,000 note due in six months. | |
| b. | a $53,000 note due in six years. | |
| c. |
a $53,000 note due in 5 annual installments of $10,600 each, with the next installment due February 15, 2014. |
| 5. | The $63,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $7,000. |
| 6. |
The common stock account represents 103,000 shares of no par value common stock issued and outstanding. The corporation has 500,000 shares authorized. |
| Required: |
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Prepare a classified balance sheet for the Almway Corporation at December 31, 2013. |
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