Answer:
Almway Corporation
Classified balance sheet as at December 31, 2021.
ASSETS
<u>Non - Current Assets</u>
Land $65,000
Land Held for Sale $25,000
Buildings $420,000
Accumulated depreciation—buildings ($100,000) $320,000
Equipment $110,000
Accumulated depreciation—equipment $60,000 $50,000
Patent (net) $10,000
Investment in equity securities $30,000
Total Non- Current Assets $500,000
<u>Current Assets</u>
Inventory $200,000
Accounts receivable $60,000
Prepaid insurance (for the next 9 months) $9,000
Short term Investment in equity securities $80,000
Cash $45,000
Total Current Assets $394,000
TOTAL ASSETS $894,000
EQUITY AND LIABILITIES
LIABILITIES
Non - Current Liabilities
Notes payable $100,000
Bonds Payable $240,000
Total Non - Current Liabilities $340,000
Current Liabilities
Accounts payable $75,000
Notes payable $30,000
Interest payable $20,000
Total Current Liabilities $125,000
TOTAL LIABILITIES $465,000
EQUITY
Common stock $300,000
Retained earnings $129,000
TOTAL EQUITY $429,000
TOTAL EQUITY AND LIABILITIES $894,000
Explanation:
A Balance Sheet contains Balances in Assets, Liabilities and Equity. A Classified Balance Sheet then Shows different categories and amounts for these Account Balances as shown above.
