The below are the ending account balances as of June 30, 2021 for Excell Company. account title
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Question:
The below are the ending account balances as of June 30, 2021 for Excell Company.
account title | Debts | Credits | |||||
Money | ps | 87,000 | |||||
Short-term investments | 69,000 | ||||||
Accounts receivable (net) | 284.000 | ||||||
Prepaid expenses (for the next 12 months) | 36,000 | ||||||
Tierra | 79,000 | ||||||
Buildings | 324,000 | ||||||
Accumulated Depreciation—Buildings | ps | 162,000 | |||||
Equipment | 267,000 | ||||||
Accumulated Depreciation—Equipment | 122,000 | ||||||
Accounts payable | 175.000 | ||||||
Accrued Obligations | 47,000 | ||||||
Pay | 104,000 | ||||||
mortgage payable | 230.000 | ||||||
Common actions | 120,000 | ||||||
Retained earnings | 186,000 | ||||||
Totals | ps | 1,146,000 | ps | 1,146,000 | |||
Additional Information:
- The short-term investment account includes $20,000 in US Treasury bills purchased in May. The letters expire in July 2021.
- The accounts receivable account is made up of the following:
a. | Amounts owed by customers | ps | 227,000 | |
b. | Provision for bad debts: commercial customers | (16,000 | ) | |
C. | Non-trade notes receivable (due in three years) | 67,000 | ||
d. | Interest receivable on promissory notes (due in four months) | 6,000 | ||
Total | ps | 284.000 | ||
- The notes payable account consists of two promissory notes of $52,000 each. One note matures on September 30, 2021 and the other matures on November 30, 2022.
- The mortgage payable is a loan payable to the bank in semi-annual installments of $4,600 each plus interest. The next payment is due on October 31, 2021. Interest has been accrued correctly and is included in accrued expenses.
- Nine hundred thousand common shares without par value are authorized, of which 240,000 shares have been issued and are in circulation.
- The land account includes $52,000 representing the cost of the land on which the company's office building is located. The remaining $27,000 is the cost of the land that the company has for investment purposes.
Required:
Prepare a classified balance sheet of the company Excell as of June 30, 2021. (Amounts to be deducted must be indicated with a minus sign.)
Related Book For
Accounting for Governmental and Nonprofit Entities
ISBN: 978-1259917059
18th edition
Authors: Jacqueline L. Reck, James E. Rooks, Suzanne Lowensohn, Daniel Neely
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