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 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 owed 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 connect.meducation.com bution.com/extmapdex.html?_con=con&external browser du Total current assets Investments Property, plant, and equipment: Net property, plant, and equipment Total assets Liabilities and Shareholders' Equity Current abilities Total current abilities Long-term liabilities Total long-term liabilities Check my work The following is the ending balances of accounts at June 30, 2021, for Excell Company Credits $ Debits 93,000 75,000 290,000 42,000 85,000 330,000 $ 165,000 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 270,000 125,000 178,000 50,000 110,000 240,000 150,000 167,000 $1,185,000 $1,185,000 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 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) 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 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
