Question

The following is the ending balances of accounts at June 30, 2018 for Excell Company Debits Credits Cash Short-term investments Accounts receivable Prepaid expenses Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Accounts payable Acerued expenses Notes payable Mortgage payable Conmon stock Retained earnings Totals $ 95,000 77,000 292, 000 44,000 87,000 332,000 $166,000 271,000 126,000 179, 000 51,000 112,000 260,000 160,000 144.000 1,198,000 $1,198,000 Additional information: 1. The short-term investments account includes $24,000 in U.S. treasury bills purchased in May. The bills mature in July. 2. The accounts receivable account consists of the following a Amounts oved by custoners b. Allowance for uncollectible accounta-trade customers e. Non trade note receivable (due in three years) d. Interest receivable on note (due in four months) 230,000 1,000 $292,000 (10,000y Total 3. The notes payable account consists of two notes of $56,000 each. One note is due on September 30, 2018, and the other is due on November 30, 2019. 4. The mortgage payable is payable in semiannual installments of $5,200 each plus interest. The next payment is due on October 31, 2018. Interest has been properly accrued and is included in accrued expenses 5. Seven hundred thousand shares of no par common stock are authorized, of which 320,000 shares have been issued and are outstanding 6. The land account includes $56,000 representing the cost of the land on which the company's office building resides. The remaining $31,000 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, 2018.(Amounts to be deducted should be indicated by a minus sign) EXCELL COMPANY くPrev 5of9… Next >

Answer 1

Balanie tJune 230,2018 e shaat h Ex cell Assets unnent Assets Lash ottua short- term unvestmenls 415 ade 九eceivables 230,000 95,o00 53,000 Ao wnellabtk nepaud espenses Tol al uuunt assed Mon tnade necewtu due B utan hel nvel000 し」 5 6,000 Bue Less Aceumued dra b, bel 2t1 00O 36+,0006

tal Ass ets 9 06 0 00 Acuaab 17-4,000 expenses 51,000 2 p abl 561006 a523100 OY Notes abu 6,000 bli 25 4 8003101800 6021 000 Commen sterk no p 0r000 tho 0 otstandry 160 000 1441000 504000 shanahldo's e4 1 0 61000 enuty