Question: 5 10 points 00:49:41 Problem 3-5 (Algo) Balance sheet preparation [LO3-2, 3-3] The following is the ending balances of accounts at June 30, 2021,

5 10 points 00:49:41 Problem 3-5 (Algo) Balance sheet preparation [LO3-2, 3-3]The following is the ending balances of accounts at June 30, 2021,for Excell Company. Account Title Cash Short-term investments Accounts receivable (net) Prepaidexpenses (for the next 12 months) Land Buildings Accumulated depreciation-buildings Equipment Accumulated

5 10 points 00:49:41 Problem 3-5 (Algo) Balance sheet preparation [LO3-2, 3-3] The following is the ending balances of accounts at June 30, 2021, for Excell Company. Account Title Cash Short-term investments Accounts receivable (net) Prepaid expenses (for the next 12 months) Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Accounts payable Accrued liabilities Notes payable Mortgage payable Common stock Retained earnings Totals Debits $ 101,000 83,000 298,000 50,000 Credits 93,000 338,000 $ 169,000 274,000 129,000 182,000 54,000 118,000 290,000 190,000 105,000 $1,237,000 $1,237,000 Additional information: 1. The short-term investments account includes $27,000 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 h Allowance for uncollectible accounts_trade customere $244,000 125 0001

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!