The following is the ending balances of accounts at June 30, 2021, for Excell Company. Account TitleDebitsCreditsCash$83,000 Short-term investments 65,000 Accounts receivable (net) 280,000 Prepaid expenses (for the next 12 months) 32,000 Land 75,000 Buildings 320,000 Accumulated depreciation—buildings $160,000 Equipment 265,000 Accumulated depreciation—equipment 120,000 Accounts payable 173,000 Accrued liabilities 45,000 Notes payable 100,000 Mortgage payable 250,000 Common stock 100,000 Retained earnings 172,000 Totals$1,120,000 $1,120,000 Additional information:The short-term investments account includes $18,000 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$225,000 b.Allowance for uncollectible accounts—trade customers (15,000)c.Nontrade note receivable (due in three years) 65,000 d.Interest receivable on note (due in four months) 5,000 Total$280,000 The notes payable account consists of two notes of $50,000 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 $5,000 each plus interest. The next payment is due on October 31, 2021. Interest has been properly accrued and is included in accrued expenses.Five hundred thousand shares of no par common stock are authorized, of which 200,000 shares have been issued and are outstanding.The land account includes $50,000 representing the cost of the land on which the company’s office building resides. The remaining $25,000 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. (Amounts to be deducted should be indicated by a minus sign.)

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following is the ending balances of accounts at June 30, 2021, for Excell Company.

Account Title	Debits	Credits
Cash	$	83,000
Short-term investments		65,000
Accounts receivable (net)		280,000
Prepaid expenses (for the next 12 months)		32,000
Land		75,000
Buildings		320,000
Accumulated depreciation—buildings			$	160,000
Equipment		265,000
Accumulated depreciation—equipment				120,000
Accounts payable				173,000
Accrued liabilities				45,000
Notes payable				100,000
Mortgage payable				250,000
Common stock				100,000
Retained earnings				172,000
Totals	$	1,120,000	$	1,120,000

Additional information:

The short-term investments account includes $18,000 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	$	225,000
b.	Allowance for uncollectible accounts—trade customers		(15,000	)
c.	Nontrade note receivable (due in three years)		65,000
d.	Interest receivable on note (due in four months)		5,000
	Total	$	280,000

The notes payable account consists of two notes of $50,000 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 $5,000 each plus interest. The next payment is due on October 31, 2021. Interest has been properly accrued and is included in accrued expenses.
Five hundred thousand shares of no par common stock are authorized, of which 200,000 shares have been issued and are outstanding.
The land account includes $50,000 representing the cost of the land on which the company’s office building resides. The remaining $25,000 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. (Amounts to be deducted should be indicated by a minus sign.)

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