Problem 3-3 Balance sheet preparation [LO3-2, 3-3] The following is a December 31, 2018, post-closing trial balancefor Almway Corporation. Additional information: 1. The investment account includes an investment in common stockof another corporation of $46,000 which management intends to holdfor at least three years. The balance of these investments isintended to be sold in the coming year. 2. The land account includes land which cost $41,000 that thecompany has not used and is currently listed for sale. 3. The cash account includes $31,000 restricted in a fund to paybonds payable that mature in 2021 and $39,000 set aside in athree-month Treasury bill. 4. The notes payable account consists of the following: a. a$46,000 note due in six months. b. a $66,000 note due in six years.c. a $66,000 note due in five annual installments of $13,200 each,with the next installment due February 15, 2019. 5. The $76,000 balance in accounts receivable is net of anallowance for uncollectible accounts of $6,000. 6. The common stock account represents 116,000 shares of no parvalue common stock issued and outstanding. The corporation has300,000 shares authorized. Required: Prepare a classified balance sheet for the AlmwayCorporation at December 31, 2018. (Amounts to be deducted should beindicated by a minus sign.) . . .
https://proficientwriters.net/wp-content/uploads/2020/04/logo-300x60.png 0 0 Paul https://proficientwriters.net/wp-content/uploads/2020/04/logo-300x60.png Paul2021-05-15 16:33:492021-05-15 16:33:49Problem 3-3 Balance sheet preparation [LO3-2, 3-3] The following is a December 31, 2018, post-closin