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The following is the ending balances of accounts at June 30, 2021, for Excell Company. Account Title Debits Credits Cash $ 85,000 Short-term investments 67,000

The following is the ending balances of accounts at June 30, 2021, for Excell Company.

Account Title Debits Credits
Cash $ 85,000
Short-term investments 67,000
Accounts receivable (net) 282,000
Prepaid expenses (for the next 12 months) 34,000
Land 77,000
Buildings 322,000
Accumulated depreciationbuildings $ 161,000
Equipment 266,000
Accumulated depreciationequipment 121,000
Accounts payable 174,000
Accrued liabilities 46,000
Notes payable 102,000
Mortgage payable 240,000
Common stock 110,000
Retained earnings 179,000
Totals $ 1,133,000 $ 1,133,000

Additional information:

  1. The short-term investments account includes $19,000 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 $ 226,000
b. Allowance for uncollectible accountstrade customers (12,000 )
c. Nontrade notes receivable (due in three years) 66,000
d. Interest receivable on notes (due in four months) 2,000
Total $ 282,000
  1. The notes payable account consists of two notes of $51,000 each. One note is due on September 30, 2021, and the other is due on November 30, 2022.
  2. 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.
  3. Seven hundred thousand shares of no par common stock are authorized, of which 220,000 shares have been issued and are outstanding.
  4. The land account includes $51,000 representing the cost of the land on which the company's office building resides. The remaining $26,000 is the cost of land that the company is holding for investment purposes

Please check what did I do wrong in the part of Liabilities of the Balance Sheet, there is also Notes Payable(current maturities and long term debt)

image text in transcribed

Liabilities and Shareholders' Equity Current liabilities: Accounts payable Accrued liabilities 174,000 46,000 51,000 4,800 Notes payable (current) Mortgage payable Total current liabilities 275,800 Long-term liabilities: $ Mortgage payable Notes payable (long-term) 235,200 51,000 Total long-term liabilities 286,200 562,000 Total liabilities

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