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The following is the ending balances of accounts at June 30, 2021, for Excell Company. Account Title Debits Credits Cash $ 99,000 Short-term investments 81,000
The following is the ending balances of accounts at June 30, 2021, for Excell Company.
Account Title | Debits | Credits | |||||
Cash | $ | 99,000 | |||||
Short-term investments | 81,000 | ||||||
Accounts receivable (net) | 296,000 | ||||||
Prepaid expenses (for the next 12 months) | 48,000 | ||||||
Land | 91,000 | ||||||
Buildings | 336,000 | ||||||
Accumulated depreciationbuildings | $ | 168,000 | |||||
Equipment | 273,000 | ||||||
Accumulated depreciationequipment | 128,000 | ||||||
Accounts payable | 181,000 | ||||||
Accrued liabilities | 53,000 | ||||||
Notes payable | 116,000 | ||||||
Mortgage payable | 270,000 | ||||||
Common stock | 180,000 | ||||||
Retained earnings | 128,000 | ||||||
Totals | $ | 1,224,000 | $ | 1,224,000 | |||
Additional information:
- The short-term investments account includes $26,000 in U.S. treasury bills purchased in May. The bills mature in July, 2021.
- The accounts receivable account consists of the following:
a. | Amounts owed by customers | $ | 238,000 | |
b. | Allowance for uncollectible accountstrade customers | (20,000 | ) | |
c. | Nontrade notes receivable (due in three years) | 73,000 | ||
d. | Interest receivable on notes (due in four months) | 5,000 | ||
Total | $ | 296,000 | ||
- The notes payable account consists of two notes of $58,000 each. One note is due on September 30, 2021, and the other is due on November 30, 2022.
- 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, 2021. Interest has been properly accrued and is included in accrued expenses.
- Eight hundred thousand shares of no par common stock are authorized, of which 360,000 shares have been issued and are outstanding.
- 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.
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.)
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