Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

thats everything 1. The short-term investments account includes $30.000 in U.S. treasury bills purchased in May. The bills mature in July, 2021 2. The accounts

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
thats everything
1. The short-term investments account includes $30.000 in U.S. treasury bills purchased in May. The bills mature in July, 2021 2. The accounts receivable account consists of the following: 8. Amounts owed by customers b. Milovance for uncollectible accounts-trade customers c. lontrade novos receivable (due in three years) d. Interest receivable on notes (due in four months) Total $247.000 (27,000) 27,000 7,000 $304,000 3. The notes payable account consists of two notes of $62,000 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 $5.000 each plus interest. The next payment is due on October 31, 2021. Interest has been properly accrued and is included in accrued expenses. 5. Nine hundred thousand shares of no par common stock are authorized, of which 440,000 shares have been issued and are outstanding 6. The land account includes $62,000 representing the cost of the land on which the company's office building resides. The remaining $37,000 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.) 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 assots: Total current assets 0 Investments 0 Property, plant, and equipment: O 0 Property, plant, and equipment: 0 0 $ Net property, plant, and equipment Total assets Liabilities and Shareholders' Equity Current liabilities: 0 + 0 Total current liabilities Long-term liabilities: Total long-term liabilities 0 0 Total current liabilities Long-term liabilities: 0 + Total long-term liabilities Total liabilities Shareholders' equity: 0 0 Total shareholders' equity Total liabilities and shareholders' equity 0 1. The short-term investments account includes $30.000 in U.S. treasury bills purchased in May. The bills mature in July, 2021 2. The accounts receivable account consists of the following: 8. Amounts owed by customers b. Milovance for uncollectible accounts-trade customers c. lontrade novos receivable (due in three years) d. Interest receivable on notes (due in four months) Total $247.000 (27,000) 27,000 7,000 $304,000 3. The notes payable account consists of two notes of $62,000 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 $5.000 each plus interest. The next payment is due on October 31, 2021. Interest has been properly accrued and is included in accrued expenses. 5. Nine hundred thousand shares of no par common stock are authorized, of which 440,000 shares have been issued and are outstanding 6. The land account includes $62,000 representing the cost of the land on which the company's office building resides. The remaining $37,000 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.) 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 assots: Total current assets 0 Investments 0 Property, plant, and equipment: O 0 Property, plant, and equipment: 0 0 $ Net property, plant, and equipment Total assets Liabilities and Shareholders' Equity Current liabilities: 0 + 0 Total current liabilities Long-term liabilities: Total long-term liabilities 0 0 Total current liabilities Long-term liabilities: 0 + Total long-term liabilities Total liabilities Shareholders' equity: 0 0 Total shareholders' equity Total liabilities and shareholders' equity 0

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Hotel And Restaurant Accounting

Authors: Cole Raymond

8th Edition

0866125531, 9780866125536

More Books

Students also viewed these Accounting questions