Answer:
TOTAL ASSETS $1,043,000
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY $1,043,000
Explanation:
Preparation of a balance sheet for the Almway Corporation at December 31, 2021.
ALMWAY corporation
Balance sheet at December 31,2018
ASSETS
Current Assets
Cash and cash equivalent$47,000
($79,000-$32,000)
Short term investment $97,000
($144,000-$47,000)
Account receivable net of allowances $77,000
Inventories $217,000
Prepaid insurance $5,000
TOTAL CURRENT ASSETS $443,000
INVESTMENT
Marketable securities $47,000
Land held for sale $42,000
Restricted cash $32,000
TOTAL INVESTMENT $121,000
Plant property and equipment
Land $82,000
($124,000-$42,000)
Building $437,000
Accumulated deperation Building ($117,000)
Equipment $127,000
Accumulated deperation Equipment ($77,000)
NET PLANT PROPERTY AND EQUIPMENT $452,000
INTANGIBLE ASSETS
Patents ( net of amortization) $27,000
TOTAL ASSETS $1,043,000
LIABILITIES AND STOCKHOLDERS EQUITY
Current liabilities
Account payable $109,000
Interest payable $37,000
Note payable due in 6 months $47,000
Current maturity of long term debt notes payable $13,400
TOTAL CURRENT LIABILITY $206,400
LONG TERM LIABILITIES
Notes payable $120,600
($181,000-$47,000-$13,400)
Bond payable $257,000
TOTAL LONGTERM LIABILITIES $377,600
SHAREHOLDER EQUITY
Authorised 500,000 shares
Issued and outstanding shares $351,000
Retained earnings $108,000
Total shareholders equity $459,000
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY $1,043,000
