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. (

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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:

  1. The short-term investments account includes $29,000 in U.S. treasury bills purchased in May. The bills mature in July, 2021.
  2. 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  
 
  1. 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.
  2. 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.
  3. Seven hundred thousand shares of no par common stock are authorized, of which 420,000 shares have been issued and are outstanding.
  4. 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. (

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