In: Accounting
The following is the ending balances of accounts at June 30,
2021, for Excell Company.
Account Title | Debits | Credits | |||||
Cash | $ | 91,000 | |||||
Short-term investments | 73,000 | ||||||
Accounts receivable (net) | 288,000 | ||||||
Prepaid expenses (for the next 12 months) | 40,000 | ||||||
Land | 83,000 | ||||||
Buildings | 328,000 | ||||||
Accumulated depreciation—buildings | $ | 164,000 | |||||
Equipment | 269,000 | ||||||
Accumulated depreciation—equipment | 124,000 | ||||||
Accounts payable | 177,000 | ||||||
Accrued liabilities | 49,000 | ||||||
Notes payable | 108,000 | ||||||
Mortgage payable | 210,000 | ||||||
Common stock | 140,000 | ||||||
Retained earnings | 200,000 | ||||||
Totals | $ | 1,172,000 | $ | 1,172,000 | |||
Additional information:
a. | Amounts owed by customers | $ | 229,000 | |
b. | Allowance for uncollectible accounts—trade customers | (12,000 | ) | |
c. | Nontrade notes receivable (due in three years) | 69,000 | ||
d. | Interest receivable on notes (due in four months) | 2,000 | ||
Total | $ | 288,000 | ||
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.)
The following is the ending balances of accounts at June 30,
2021, for Excell Company.
Account Title | Debits | Credits | |||||
Cash | $ | 91,000 | |||||
Short-term investments | 73,000 | ||||||
Accounts receivable (net) | 288,000 | ||||||
Prepaid expenses (for the next 12 months) | 40,000 | ||||||
Land | 83,000 | ||||||
Buildings | 328,000 | ||||||
Accumulated depreciation—buildings | $ | 164,000 | |||||
Equipment | 269,000 | ||||||
Accumulated depreciation—equipment | 124,000 | ||||||
Accounts payable | 177,000 | ||||||
Accrued liabilities | 49,000 | ||||||
Notes payable | 108,000 | ||||||
Mortgage payable | 210,000 | ||||||
Common stock | 140,000 | ||||||
Retained earnings | 200,000 | ||||||
Totals | $ | 1,172,000 | $ | 1,172,000 | |||
Additional information:
a. | Amounts owed by customers | $ | 229,000 | |
b. | Allowance for uncollectible accounts—trade customers | (12,000 | ) | |
c. | Nontrade notes receivable (due in three years) | 69,000 | ||
d. | Interest receivable on notes (due in four months) | 2,000 | ||
Total | $ | 288,000 | ||
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.)