The following is the ending balances of accounts at June 30, 2021, for Excell Company. Account Title Debits Credits Cash $ 105,000 Short-term investments 87,000 Accounts receivable (net) 302,000 Prepaid expenses (for the next 12 months) 54,000 Land 97,000 Buildings 342,000 Accumulated depreciation—buildings $ 171,000 Equipment 276,000 Accumulated depreciation—equipment 131,000 Accounts payable 184,000 Accrued liabilities 56,000 Notes payable 122,000 Mortgage payable 230,000 Common stock 210,000 Retained earnings 159,000 Totals $ 1,263,000 $ 1,263,000 Additional information: The short-term investments account includes $29,000 in U.S. treasury bills purchased in May. The bills mature in July, 2021. The accounts receivable account consists of the following: a. Amounts owed by customers $ 246,000 b. Allowance for uncollectible accounts—trade customers (23,000 ) c. Nontrade notes receivable (due in three years) 76,000 d. Interest receivable on notes (due in four months) 3,000 Total $ 302,000 The notes payable account consists of two notes of $61,000 each. One note is due on September 30, 2021, and the other is due on November 30, 2022. The mortgage payable is a loan payable to the bank in semiannual installments of $4,600 each plus interest. The next payment is due on October 31, 2021. Interest has been properly accrued and is included in accrued expenses. Seven hundred thousand shares of no par common stock are authorized, of which 420,000 shares have been issued and are outstanding. The land account includes $61,000 representing the cost of the land on which the company's office building resides. The remaining $36,000 is the cost of land that the company is holding for investment purposes. Required: Prepare a classified balance sheet for the Excell Company at June 30, 2021. (
The following is the ending balances of accounts at June 30, 2021, for Excell Company. Account Title Debits Credits Cash $ 105,000 Short-term investments 87,000 Accounts receivable (net) 302,000 Prepaid expenses (for the next 12 months) 54,000 Land 97,000 Buildings 342,000 Accumulated depreciation—buildings $ 171,000 Equipment 276,000 Accumulated depreciation—equipment 131,000 Accounts payable 184,000 Accrued liabilities 56,000 Notes payable 122,000 Mortgage payable 230,000 Common stock 210,000 Retained earnings 159,000 Totals $ 1,263,000 $ 1,263,000 Additional information: The short-term investments account includes $29,000 in U.S. treasury bills purchased in May. The bills mature in July, 2021. The accounts receivable account consists of the following: a. Amounts owed by customers $ 246,000 b. Allowance for uncollectible accounts—trade customers (23,000 ) c. Nontrade notes receivable (due in three years) 76,000 d. Interest receivable on notes (due in four months) 3,000 Total $ 302,000 The notes payable account consists of two notes of $61,000 each. One note is due on September 30, 2021, and the other is due on November 30, 2022. The mortgage payable is a loan payable to the bank in semiannual installments of $4,600 each plus interest. The next payment is due on October 31, 2021. Interest has been properly accrued and is included in accrued expenses. Seven hundred thousand shares of no par common stock are authorized, of which 420,000 shares have been issued and are outstanding. The land account includes $61,000 representing the cost of the land on which the company's office building resides. The remaining $36,000 is the cost of land that the company is holding for investment purposes. Required: Prepare a classified balance sheet for the Excell Company at June 30, 2021. (
Chapter18: Accounting Periods And Methods
Section: Chapter Questions
Problem 10DQ
Related questions
Question
The following is the ending balances of accounts at June 30, 2021, for Excell Company.
Account Title | Debits | Credits | ||||
Cash | $ | 105,000 | ||||
Short-term investments | 87,000 | |||||
302,000 | ||||||
Prepaid expenses (for the next 12 months) | 54,000 | |||||
Land | 97,000 | |||||
Buildings | 342,000 | |||||
$ | 171,000 | |||||
Equipment | 276,000 | |||||
Accumulated depreciation—equipment | 131,000 | |||||
Accounts payable | 184,000 | |||||
Accrued liabilities | 56,000 | |||||
Notes payable | 122,000 | |||||
Mortgage payable | 230,000 | |||||
Common stock | 210,000 | |||||
159,000 | ||||||
Totals | $ | 1,263,000 | $ | 1,263,000 | ||
Additional information:
- The short-term investments account includes $29,000 in U.S. treasury bills purchased in May. The bills mature in July, 2021.
- The accounts receivable account consists of the following:
a. | Amounts owed by customers | $ | 246,000 | |
b. | Allowance for uncollectible accounts—trade customers | (23,000 | ) | |
c. | Nontrade notes receivable (due in three years) | 76,000 | ||
d. | Interest receivable on notes (due in four months) | 3,000 | ||
Total | $ | 302,000 | ||
- The notes payable account consists of two notes of $61,000 each. One note is due on September 30, 2021, and the other is due on November 30, 2022.
- The mortgage payable is a loan payable to the bank in semiannual installments of $4,600 each plus interest. The next payment is due on October 31, 2021. Interest has been properly accrued and is included in accrued expenses.
- Seven hundred thousand shares of no par common stock are authorized, of which 420,000 shares have been issued and are outstanding.
- The land account includes $61,000 representing the cost of the land on which the company's office building resides. The remaining $36,000 is the cost of land that the company is holding for investment purposes.
Required:
Prepare a classified
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