Question
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. |
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