ASSETS |
Amount ($) |
Amount ($) |
Current Assets:- |
||
Cash and cash equivalents |
125,000 |
|
Short-term investments |
55,000 |
|
Accounts receivable, net of allowance for uncollectible accounts of $20,000 |
218,000 |
|
Interest receivable |
5,000 |
|
Prepaid expenses |
48,000 |
|
Total Current Assets |
451,000 |
|
Investments:- |
||
Notes receivable (nontrade) |
73,000 |
|
Land held for sale |
33,000 |
|
Total Investments |
106,000 |
|
Property, plant and equipment assets: |
||
Land |
58,000 |
|
Buildings |
336,000 |
|
Equipment |
273,000 |
|
Less: Accumulated depreciation |
(296,000) ($168,000+$128,000) |
|
Total Property, plant and equipment |
371,000 |
|
Total Assets |
928,000 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
||
Current Liabilities: |
||
Accounts payable |
181,000 |
|
Accrued expenses |
53,000 |
|
Notes payable |
58,000 |
|
Current maturities of long-term debt |
10,400 |
|
Total Current Liabilities |
302,400 |
|
Long-term Liabilities:- |
||
Notes Payable |
58,000 |
|
Mortgage payable |
259,600 |
|
Total Long-term Liabilities |
317,600 |
|
Stockholders' Equity:- |
||
Common Stock, no par value |
180,000 |
|
Retained Earnings |
128,000 |
|
Total stockholders' Equity |
308,000 |
|
Total Liabilities and Stockholders' Equity |
928,000 |
Working Notes:-
1-Calculate cash and cash equivalents:-
Cash and cash equivalents= Cash as per trial balance +Amount of U.S. Treasury bill
=$99,000+$26,000
=$125,000
2- Calculate the amount of short term investments:-
Short-term investment= Short-term investment as per trial balance - Amount of U.S. Treasury bill
=$81,000-$26,000
=$55,000
3- Calculate the amount of notes receivable, net of allowance for uncollectible accounts:-
Notes receivable, net of allowance for uncollectible accounts= Amount owned by customers-Allowance for uncollectible accounts
=$238,000-$20,000
=$218,000
4-Calculate the amount of mortgage payable:-
Mortgage payable = Mortgage payable as per trial balance- Semiannual installment plus interest
=$270,000-$5,400+$5,000
=$259,600
Question 3 20 pts . The following is the ending balances of accounts at June 30,...
Problem 3-5 (Algo) Balance sheet preparation [LO3-2, 3-3) The following is the ending balances of accounts at June 30, 2021, for Excell Company, Credits $ Debits 99,000 81,000 296,000 48,000 91,000 336,000 $ 168,000 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 273,000 128,000 181.000 53,000 116,000 270,000 180,000 128,000 $1,224,000 5...
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...
The following is the ending balances of accounts at June 30, 2018 for Excell Company. Account Title Debits Credits Cash $ 89,000 Short-term investments 71,000 Accounts receivable 286,000 Prepaid expenses 38,000 Land 81,000 Buildings 326,000 Accumulated depreciation—buildings $ 163,000 Equipment 268,000 Accumulated depreciation—equipment 123,000 Accounts payable 176,000 Accrued expenses 48,000 Notes payable 106,000 Mortgage payable 220,000 Common stock 130,000 Retained earnings 193,000 Totals $ 1,159,000 $ 1,159,000 Additional information: The short-term investments account includes $21,000 in U.S. treasury bills purchased...
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...
The following is the ending balances of accounts at June 30, 2021, for Excell Company. Account Title Debits Credits Cash $ 93,000 Short-term investments 75,000 Accounts receivable (net) 290,000 Prepaid expenses (for the next 12 months) 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 liabilities 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...
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 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...
The following is the ending balances of accounts at June 30, 2016, for Excell Company. Account Title Cash Short-term investments Accounts receivable Debits 113,000 95,000 310,000 62,000 105,000 350,000 Credits Prepaid expenses Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Accounts payable Accrued expenses Notes payable Mortgage payable Common stock Retained earnings 175,000 280,000 135,000 188,000 60,000 130,000 350,000 250,000 27,000 Totals 1,315,000 1,315,000 Additional information: 1. The short-term investments account includes $33,000 in U.S. treasury bills purchased in May. The...
Swed The following is the ending balances of accounts at June 30, 2021. for Excell Company Credits $ Debits 113,000 95,000 310.000 62,000 105,000 350,000 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 Con stock Retained earnings Totals $ 125,000 280,000 130,00 Additional information: 1. The short-term investments account includes $33,000 in US treasury buls purchased in...
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...