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. (

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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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
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. (

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