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. 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 Debits $ 103,000 85,000 300,000 52,000 Credits 95,000 340,000 $170,000 275,000 130,000 183,000 55,000 120,000 210,000 200,000 182,000 $1,250,000 $1,250,000 Additional information: 1. The short-term investments account includes $28,000 in U.S. treasury bills purchased in May. The bills mature in July, 2021. 2. The accounts receivable account consists of the following: a. Amounts owed by customers b. Allowance for uncollectible accounts-trade customers c. Nontrade notes receivable (due in three years) d. Interest receivable on notes (due in four months) $245,000 (21,000) 75,000 1,000 < Prev 5 of 5 Next > 1. The short-term investments account includes $28,000 in U.S. treasury bills purchased in May. The bills mature in July, 2021. 2. The accounts receivable account consists of the following: a. Amounts owed by customers b. Allowance for uncollectible accounts-trade customers f c. Nontrade notes receivable (due in three years) d. Interest receivable on notes (due in four months) Total $245,000 (21,000) 75,000 1,000 $300,000 3. The notes payable account consists of two notes of $60,000 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 $4,200 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 400,000 shares have been issued and are outstanding 6. The land account includes $60,000 representing the cost of the land on which the company's office building resides. The remaining $35,000 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.) Current assets EXCELL COMPANY Balance Sheet At June 30, 2021 Assets < Prev 5 of 5 Next