Question

Additional Information: 1. The short-term investments account includes $23,000 in U.S. treasury bills purchased in May. The bills mature in July, 2021. 2. The accounts recevable account consists of the following: 2. Amounts oved by customers b. Allowance for uncollectible accounta-trade customers c.Nontrade notes receivable (due in three years) d. Interest receivable on notes (due in four months) Total $ 232,000 (18,000) 70,000 6,000 $ 290,000 3. The notes payable account consists of two notes of $55,000 each. One note is due on September 30, 2021, and the other is due on November 30, 2022 4. The mortgage payable is a loan payable to the bank in semiannual installments of $4,800 each plus interest. The next payment is due on October 31, 2021. Interest has been properly accrued and is included in accrued expenses. 5. Eight hundred thousand shares of no par common stock are authorized, of which 300,000 shares have been issued and are 6. The land account includes $55,000 representing the cost of the land on which the company's office building resides. The remaining $30,000 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. (Amounts to be deducted should be indicated by a minus sign) EXCELL COMPANY Balance Sheet At June 30, 2021 Assets Current

Answer 1

EXCELL COMPANY

Balance Sheet

At June 30, 2021

Assets
Current assets
Cash and cash equivalents (93000+23000)		$116,000
Short-term investments (75000-23000)		52,000
Accounts receivable, net of allowance (232000-18000)		214,000
Interest receivable		6,000
Prepaid expenses		42,000
Total current assets		430,000
Investments
Note receivable	$70,000
Land held for sale	30,000
		100,000
Property, plant, and equipment
Land	55,000
Buildings	330,000
Equipment	270,000
	655,000
Accumulated depreciation	-290,000
Net property, plant, and equipment		365,000
Total assets		$895,000
Liabilities and Shareholders' Equity
Current liabilities
Accounts payable		$178,000
Accrued liabilities		50,000
Note payable		55,000
Current maturities of long-term debt (4800*2)		9,600
Total current liabilities		292,600
Long-term liabilities
Note payable	55,000
Mortgage payable (240000-9600)	230,400
Total long-term liabilities		285,400
Shareholders' equity
Common stock	150,000
Retained earnings	167,000
Total shareholders' equity		317,000
Total liabilities and shareholders' equity		$895,000