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 includes $26,000 in U.S. treasury bills purchased in May. The bills mature in July. 2. The accounts receivable account consists of the following: a. Amounts owed by customers $ 238,000 b. Allowance for uncollectible accounts-trade customers (20,000) C. Non trade note receivable (due in three years) 73,000 d. Interest receivable on note (due in four months) 5,000 Total $ 296,000 3. The notes payable account consists of two notes of $58,000 each. One note is due on September 30, 2019, and the other is due on November 30, 2020. 4. The mortgage payable is payable in semiannual installments of $5,400 each plus interest. The next payment is due on October 31, 2019. 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 360,000 shares have been issued and are outstanding. 6. The land account includes $58,000 representing the cost of the land on which the company's office building resides. The remaining $33,000 is the cost of land that the company is holding for investment purposes. Required: Prepare a classified balance sheet for the Excel Company at June 30, 2019. (Amounts to be deducted should be indicated by a minus sign.) Upload Choose a File