The trial balance for K and J Nursery, Inc., listed the following account balances at December 31, 2018, the end of its fiscal year: cash, $16,000; accounts receivable, $11,000; inventories, $25,000; equipment (net), $80,000; accounts payable, $14,000; wages payable, $9,000; interest payable, $1,000; note payable (due in 18 months), $30,000; common stock, $50,000.
Prepare a classified balance sheet for K and J Nursery, Inc. The equipment originally cost $140,000. (Amounts to be deducted should be indicated by a minus sign.)
The trial balance for K and J Nursery, Inc., listed the following account balances at December 31, 2018, the end of its fiscal year: cash, $16,000; accounts receivable, $11,000; inventories, $25,000; equipment (net), $80,000; accounts payable, $14,000; wages payable, $9,000; interest payable, $1,000; note payable (due in 18 months), $30,000; common stock, $50,000.
Prepare a classified balance sheet for K and J Nursery, Inc. The equipment originally cost $140,000. (Amounts to be deducted should be indicated by a minus sign.)
Related questions
The following is a December 31, 2018, post-closing trial balance for Almway Corporation.
| Account Title | Debits | Credits | ||
| Cash | 45,000 | |||
| Investments | 110,000 | |||
| Accounts receivable | 60,000 | |||
| Inventories | 200,000 | |||
| Prepaid insurance (for the next 9 months) | 9,000 | |||
| Land | 90,000 | |||
| Buildings | 420,000 | |||
| Accumulated depreciationâbuildings | 100,000 | |||
| Equipment | 110,000 | |||
| Accumulated depreciationâequipment | 60,000 | |||
| Patents (net of amortization) | 10,000 | |||
| Accounts payable | 75,000 | |||
| Notes payable | 130,000 | |||
| Interest payable | 20,000 | |||
| Bonds Payable | 240,000 | |||
| Common stock | 300,000 | |||
| Retained earnings | 129,000 | |||
| Totals | 1,054,000 | 1,054,000 | ||
Additional information:
The investment account includes an investment in common stock of another corporation of $30,000 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 $25,000 that the company has not used and is currently listed for sale.
The cash account includes $15,000 restricted in a fund to pay bonds payable that mature in 2021 and $23,000 restricted in a three-month Treasury bill.
The notes payable account consists of the following:
A) a $30,000 note due in six months.
B) a $50,000 note due in six years.
C) a $50,000 note due in five annual installments of $10,000 each, with the next installment due February 15, 2019.
The $60,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $8,000.
The common stock account represents 100,000 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, 2018. (Amounts to be deducted should be indicated by a minus sign.)
The following is aDecember 31, 2018, post-closing trial balance for the JacksonCorporation.
| AccountTitle | Debits | Credits | ||||
| Cash | $ | 51,000 | ||||
| Accountsreceivable | 45,000 | |||||
| Inventories | 86,000 | |||||
| Prepaid rent forthe next 8 months | 27,000 | |||||
| Marketablesecurities (short term) | 21,000 | |||||
| Machinery | 200,000 | |||||
| Accumulateddepreciationâmachinery | $ | 22,000 | ||||
| Patent (net ofamortization) | 90,000 | |||||
| Accountspayable | 13,500 | |||||
| Wagespayable | 9,500 | |||||
| Taxespayable | 43,000 | |||||
| Bonds payable(due in 10 years) | 250,000 | |||||
| Commonstock | 140,000 | |||||
| Retainedearnings | 42,000 | |||||
| Totals | $ | 520,000 | $ | 520,000 | ||
Required:
Prepare a classified balance sheet for Jackson Corporation atDecember 31, 2018. (Amounts to be deducted shouldbe indicated by a minus sign.)
The following is December 31, 2018, post-closing trial balance for Almway corporation.
| Account Title | Debits | Credits | ||
| Cash | 45,000 | |||
| Investments | 110,000 | |||
| Accounts receivable | 60,000 | |||
| Inventories | 200,000 | |||
| Prepaid insurance (for the next 9 months) | 9,000 | |||
| Land | 90,000 | |||
| Buildings | 420,000 | |||
| Accumulated depreciation—buildings | 100,000 | |||
| Equipment | 110,000 | |||
| Accumulated depreciation—equipment | 60,000 | |||
| Patents (net of amortization) | 10,000 | |||
| Accounts payable | 75,000 | |||
| Notes payable | 130,000 | |||
| Interest payable | 20,000 | |||
| Bonds Payable | 240,000 | |||
| Common stock | 300,000 | |||
| Retained earnings | 129,000 | |||
| Totals | 1,054,000 | 1,054,000 | ||
Additional information:
1. The investment account includes an investment in the common stock of another corporation of $30,000 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 costs $25,000 that the company has not used and is currently listed for sale.
3. The cash account includes $15,000 restricted in a fund to pay bonds payable that mature in 2021 and $23,000 restricted in a three-month Treasury bill.
4. The notes payable account consists of the following:
A) a $30,000 note due in six months.
B) a $50,000 note due in six years.
C) a $50,000 note due in five annual installments of $10,000 each, with the next installment due February 15, 2019.
5. The $60,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $8,000.
6. The common stock account represents 100,000 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, 2018.
