E Saved 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. Credits $ Debits 85,000 67,000 282,000 34,000 77,000 322,000 $ 161,000 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 266,000 121,000 174,000 46,000 102,000 240,000 110,000 179,800 $1,133,000 $1,133,000 Additional information: 1. The short-term investments account includes $19,000 in U.S. treasury bills purchased in Ma 2. The accounts receivable account consists of the following: a. Amounts owed by customers b. Allowance for uncollectible accounts-trade customers c. Nontrade notes receivable (due in three years) d. Interest receivable on notes (due in four months) Total $226,000 (12,000) 66,000 2,000 $282,000 The notes payable account consists of two notes of $51,000 each. One note is due on Se November 30, 2022 The mortgage payable is a loan payable to the bank in semiannual installments of $4,800 due on October 31, 2021. Interest has been properly accrued and is included in accrued Prey 1 of 5 2. The accounts receivable account consists of the following: a. Amounts owed by customers b. Allowance for uncollectible accounts-trade customers c.Nontrade notes receivable (due in three years) d. Interest receivable on notes (due in four months) Total $226,000 (12,000) 66,000 2,000 $282,000 3. The notes payable account consists of two notes of $51,000 each. One note is due on Sep November 30, 2022 4. The mortgage payable is a loan payable to the bank in semiannual installments of $4.800 due on October 31, 2021. Interest has been properly accrued and is included in accrued es 5. Seven hundred thousand shares of no par common stock are authorized, of which 220,00 outstanding. 6. The land account includes $51,000 representing the cost of the land on which the compar $26,000 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 minus sign.) EXCELL COMPANY Balance Sheet At June 30, 2021 Assets $ Current assets Cash and cash equivalents Short-term investments Accounts receivable (net) Inventory Prepaid expenses 256,286 371,700 522,944 522,738 101,259 Total current assets 1,774,927