Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following is the ending balances of accounts at June 30, 2016, for Excell Company. Account Title Debits Credits Cash 111,000 Short-term investments 93,000 Accounts

The following is the ending balances of accounts at June 30, 2016, for Excell Company.
Account Title Debits Credits
Cash 111,000
Short-term investments 93,000
Accounts receivable 308,000
Prepaid expenses 60,000
Land 103,000
Buildings 348,000
Accumulated depreciationbuildings 174,000
Equipment 279,000
Accumulated depreciationequipment 134,000
Accounts payable 187,000
Accrued expenses 59,000
Notes payable 128,000
Mortgage payable 310,000
Common stock 240,000
Retained earnings 70,000
Totals 1,302,000 1,302,000

Additional information:
1.

The short-term investments account includes $32,000 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 $ 246,000
b. Allowance for uncollectible accountstrade customers (18,000 )
c. Nontrade note receivable (due in three years) 79,000
d. Interest receivable on note (due in four months) 1,000
Total $ 308,000

3.

The notes payable account consists of two notes of $64,000 each. One note is due on September 30, 2016, and the other is due on November 30, 2017.

4.

The mortgage payable is payable in semiannual installments of $6,200 each plus interest. The next payment is due on October 31, 2016. 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 480,000 shares have been issued and are outstanding.

6.

The land account includes $64,000 representing the cost of the land on which the company's office building resides. The remaining $39,000 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, 2016. (Amounts to be deducted should be indicated by a minus sign.)

-------

The answers would then be placed into blank excel cells immediately below this. If anyone can help me with this by midnight tonightm you will be saving my life.

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

Internal Control Anti Fraud Program Design For The Small Business

Authors: Steve Dawson

1st Edition

1119065070, 978-1119065074

More Books

Students also viewed these Accounting questions

Question

Differentiate 3sin(9x+2x)

Answered: 1 week ago

Question

Compute the derivative f(x)=(x-a)(x-b)

Answered: 1 week ago