The following is a December 31, 2021, post-closing trial balance for Almway Corporation. Account Title Debits Credits
Cash $65,000
Investment in equity securities 130,000
Accounts receivable 70,000
Inventory 210,000
Prepaid insurance (for the next 9 months) 8,000
Land 110,000
Buildings 430,000
Accumulated depreciation—buildings $110,000
Equipment 120,000
Accumulated depreciation—equipment 70,000
Patent (net) 20,000
Accounts payable 95,000
Notes payable 160,000
Interest payable 30,000
Bonds Payable 250,000
Common stock 330,000
Retained earnings 118,000
Totals $1,163,000 $1,163,000

Additional information:
The investment in equity securities account includes an investment in common stock of another corporation of $40,000 which management intends to hold for at least three years. The balance of these investments is intended to be sold in the coming year. The land account includes land which cost $35,000 that the company has not used and is currently listed for sale. The cash account includes $25,000 restricted in a fund to pay bonds payable that mature in 2024 and $33,000 restricted in a three-month Treasury bill. The notes payable account consists of the following:

a $40,000 note due in six months.
a $60,000 note due in six years.
a $60,000 note due in five annual installments of $12,000 each, with the next installment due February 15, 2022.

The $70,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $7,000.The common stock account represents 110,000 shares of no par value common stock issued and outstanding. The corporation has 500,000 shares authorized.

Required:
Prepare a classified balance sheet for the Almway Corporation at December 31, 2021.

Almway Corporation

Classified Balance Sheet

As at December 31, 2021

Assets:

Current Assets:

Cash:

 Balance- unrestricted                 $7,000

 Restricted Cash - short-term     33,000

 Restricted Cash - long-term      25,000

Short-term Investment                90,000

Accounts receivable   77,000

Less Uncollectible       (7,000)    70,000

Inventory                                    210,000

Prepaid insurance

 (for the next 9 months)              8,000     $443,000

Land                                           110,000

Buildings                  430,000

Accumulated

 depreciation          (110,000)  320,000

Equipment               120,000

Accumulated

depreciation           (70,000 )  50,000

Patent (net)                              20,000

Long-term Investment            40,000     $540,000

Total Assets                                              $983,000

Liabilities + Equity:

Current Liabilities:

Accounts payable                   95,000

Short-term Notes payable      52,000

Interest payable                      30,000       $177,000

Long-term Notes Payable     108,000

Bonds Payable                      250,000     $358,000

Total liabilities                                          $535,000

Common stock

500,000 Authorized, no par

110,000 Issued & outstanding 330,000

Retained earnings                     118,000  $448,000

Total Liabilities + Stockholders Equity  $983,000

Explanation:

a) Data and Calculations:

Almway Corporation

Trial Balance

December 31, 2021:

Account Title                               Debits                  Credits

Cash                                           $65,000

Investment in equity securities 130,000

Accounts receivable                   70,000

Inventory                                    210,000

Prepaid insurance

 (for the next 9 months)              8,000

Land                                            75,000

Land (available for sale)            35,000

Buildings                                  430,000

Accumulated depreciation—buildings                    $110,000

Equipment                               120,000

Accumulated depreciation—equipment                    70,000

Patent (net)                              20,000

Accounts payable                                                      95,000

Notes payable                                                          160,000

Interest payable                                                         30,000

Bonds Payable                                                        250,000

Common stock                                                       330,000

Retained earnings                                                   118,000

Totals                               $1,163,000                 $1,163,000

Investment in equity securities 130,000

Short-term Investment               (90,000)

Long-term Investment               (40,000)

Land                                           110,000

Available for Sale Investment  (35,000)

Land balance                             75,000

Cash                                           $65,000

Restricted Cash - short-term     (33,000)

Restricted Cash - long-term      (25,000)

Balance- unrestricted                 $7,000

Notes payable                                         160,000

Short-term payable (40,000 +12,000)   (52,000)

Long-term payable (60,000 + 48,000) (108,000)

Accounts receivable (70,000 + 7,000) 77,000

Less uncollectible accounts                  (7,000)

Accounts receivable balance               70,000