Question

The following is the ending balances of accounts at June 30, 2018 for Excell Company. Credits $ Debits 123,000 105,000 320,000 72,000 115,000 360,000 Account Title Cash Short-term investments Accounts receivable Prepaid expenses Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation equipment Accounts payable Accrued expenses Notes payable Mortgage payable Common stock Retained earnings 180,000 285,000 140,000 193,000 65,000 140,000 330,000 300,000 32,000 $1,380,000 Totals $1,380,000

Answer 1

EXCELL COMPANY 2 Balance Sheet 3 At June 30, 2018 4 Assets 5 Current Assets Cash and Cash Equivalents 1,23,000 Short Term Investments 1,05,000 2,33,000 8 Accounts Receivable, net of allowance Interest Receivable 2,000 Prepaid Expenses 10 72,000 11 12 5,35,000 13 Investments 14 Notes Receivable 85,000 15 Land held for Sale 45,000 16 17 1,30,000 18 19 Property, Plant and Equipment Land 20 Buildings ($360,000 + $70,000) Less: Accumulated Depreciation - Buildings $4 21 4,30,000 $4 22 -1,80,000 $4 23 Equipment 2,85,000 Less: Accumulated Depreciation - Equipment 24 $ -1,40,000 25 Total Assets 10,60,000

27 Liabilities and Shareholders' Funds 28 Current Liabilities Accounts Payable 29 1,93,000 Accrued Expense 30 65,000 2$ 31 Notes Payable - Short Term 70,000 32 2$ Current Maturities of Long-Term Debt 33 Total Current Liabilities 3,28,000 34 35 Non-Current Liabilities 2$ 36 Notes Payable - Long Term 70,000 37 Mortgage Payable 3,30,000 38 Total Non-Current Liabilities 4,00,000 39 40 Shareholders' Equity 41 Common Stock 3,00,000 42 (600,000 stock at par value of $0.5 each) 43 Retained Earnings 32,000 Total Shareholders' Equity 44 3,32,000 45 Total Liabilities and Shareholders' Equity 10,60,000