Question
The following is the ending balances of accounts at June 30, 2024, for Excell Company. Debits $ 99,000 81,000 Account Title Cash Short-term investments Accounts
The following is the ending balances of accounts at June 30, 2024, for Excell Company. Debits $ 99,000 81,000 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 296,000 48,000 91,000 336,000 273,000 $ 1,224,000 Credits $ 168,000 128,000 181,000 53,000 116,000 270,000 180,000 128,000 $ 1,224,000
1. The short-term investments account includes $26,000 in U.S. treasury bills purchased in May. The bills mature in July, 2024. 2. The accounts receivable account consists of the following: 3. The notes payable account consists of two notes of $58,000 each. One note is due on September 30,2024 , and the other is due on November 30, 2025. 4. The mortgage payable is a loan payable to the bank in semiannual installments of $5,400 each plus interest. The next payment is due on October 31, 2024. 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
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started