Ending balances as of june 30 2015 for ABC company Particulars debit credit cash 89000 Short...
Ending balances as of june 30 2015 for ABC company
|
Particulars |
debit |
credit |
|
cash |
89000 |
|
|
Short term investments |
71000 |
|
|
Net accounts recivables |
286000 |
|
|
Prepaid expenses for next 12 months |
38000 |
|
|
land |
81000 |
|
|
Building |
326000 | |
|
equipment |
268000 |
|
|
Accumulated equipment depreciation |
123000 |
|
|
Accounts payable |
176000 |
|
|
Accrued liabilities |
48000 |
|
|
Notes payable |
106000 |
|
|
Mortgage payable |
220000 |
|
|
Common stock |
130000 |
|
|
Retained earnings |
193000 |
|
| Accumulated depreciation on building | 163000 | |
|
Total |
1159000 |
1159000 |
Additional information
a. short term investment includes 21000 in treasury bills purchased in may and the bills mature in july 2015
b. accounts receivable account consists of the following
|
Amount owned by customers |
228000 |
|
Allowance for uncollectible trade customers |
(18000) |
|
Non trade notes receivable (due in three years) |
68000 |
|
Interest received on notes (due in four months) |
8000 |
|
total |
286000 |
c. the notes payable account consists of two notes of $53000 each. one note due on september 30,2015 and other due on november 30,2016
d. mortgage payable is a loan payable to the bank in semi annual installments of $4400 each plus interest. next payment is due on october 31,2016. interest has been properly accrued and is included in accrued expenses
e. 800000 shares of no par common stock are authorized of which 260000 shares have been issued and are outstanding
f. the land account includes 53000 representing cost of land on which companys office building resides. the remaining 28000 is the cost of land that the company is holding for investment purposes.
Required: Prepare a classified balance sheet for ABC company at june 30,2015
Homework Answers
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| ABC Company | ||
| Classified Balance Sheet | ||
| Assets | Amount $ | Amount $ |
| Current Assets | ||
| Cash | 89,000.00 | |
| Treasury Bills | 21,000.00 | |
| Short Term Investments | 50,000.00 | |
| Accounts receivable | 228,000.00 | |
| Less: Allowance for uncollectible trade customers | (18,000.00) | 210,000.00 |
| Prepaid expenses | 38,000.00 | |
| Interest receivable | 8,000.00 | |
| Current Assets | 416,000.00 | |
| Plant, Property & Equipment | ||
| Land | 53,000.00 | |
| Building | 326,000.00 | |
| Less: Accumulated Depreciation- Building | (163,000.00) | 163,000.00 |
| Equipment | 268,000.00 | |
| Less: Accumulated Depreciation-Equipment | (123,000.00) | 145,000.00 |
| Plant, Property & Equipment (net) | 361,000.00 | |
| Other Assets | ||
| Notes receivable | 68,000.00 | |
| Land (held for investment) | 28,000.00 | |
| Other Assets | 96,000.00 | |
| Total Assets | 873,000.00 | |
| Liabilities & Stockholder's Equity | ||
| Liabilities | Amount $ | Amount $ |
| Current Liabilities | ||
| Accounts payable | 176,000.00 | |
| Accrued Liabilities | 48,000.00 | |
| Notes payable- Current Portion | 53,000.00 | |
| Mortgage payable- Current Portion | 8,800.00 | |
| Current Liabilities | 285,800.00 | |
| Non Current Liabilities | ||
| Notes payable- Non Current Portion | 53,000.00 | |
| Mortgage payable- Non Current Portion | 211,200.00 | |
| Non Current Liabilities | 264,200.00 | |
| Total Liabilities | 550,000.00 | |
| Stockholder's Equity | ||
| Common Stock (800,000 shares of no par authorized, 260,000 issued and outstanding) | 130,000.00 | |
| Retained Earnings | 193,000.00 | |
| Total Stockholder's Equity | 323,000.00 | |
| Total Liabilities & Stockholder's Equity | 873,000.00 |
Add Answer to:
Ending balances as of june 30 2015 for ABC
company
Particulars
debit
credit
cash
89000
Short...
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The following is the ending balances of accounts at June 30,
2018 for Excell Company.
Account Title
Debits
Credits
Cash
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Short-term investments
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Accounts receivable
290,000
Prepaid expenses
42,000
Land
85,000
Buildings
330,000
Accumulated depreciation—buildings
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Equipment
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Mortgage payable
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Common stock
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Question 3 20 pts . The following is the ending balances of accounts at June 30,...
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The following is the ending balances of accounts at June 30,
2018 for Excell Company.
Account Title
Debits
Credits
Cash
$
93,000
Short-term investments
75,000
Accounts receivable
290,000
Prepaid expenses
42,000
Land
85,000
Buildings
330,000
Accumulated depreciation—buildings
$
165,000
Equipment
270,000
Accumulated depreciation—equipment
125,000
Accounts payable
178,000
Accrued expenses
50,000
Notes payable
110,000
Mortgage payable
240,000
Common stock
150,000
Retained earnings
167,000
Totals
$
1,185,000
$
1,185,000
Additional information:
The short-term investments account includes $23,000 in U.S.
treasury bills purchased...
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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 Additional information: 1. The short-term investments account includes $38,000 in U.S. treasury bills purchased in...
Question 3 20 pts . The following is the ending balances of accounts at June 30, 2019 for Excel Company. Account Title Debits Credits Cash $ 99,000 Short-term investments 81,000 Accounts receivable 296,000 Prepaid expenses 48,000 Land 91,000 Buildings 336,000 Accumulated depreciation-buildings $ 168,000 Equipment 273,000 Accumulated depreciation- equipment 128,000 Accounts payable 181,000 Accrued expenses 53,000 Notes payable 116,000 Mortgage payable 270,000 Common stock 180,000 Retained earnings 128,000 Totals $ 1,224,000 $ 1,224,000 Additional information: 1. The short-term investments account...
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The following is the ending balances of accounts at June 30, 2021. for Excell Company Credits $ Debits 83,000 65,000 280,000 32,000 75,00 320,000 $ 160,000 Account Title Cash Short-term investments Accounts receivable (net) Prepaid expenses (for the next 12 months) Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation equipment Accounts payable Accrued liabilities Notes payable Mortgage payable Common stock Retained earnings Totals 265,000 120,000 173,000 45,000 100,000 250,000 100,000 172,000 $1,120,000 $1,120,000 Additional information: 1. The short term investments account...
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