The following is a June 30, 2011, post-closing trial balance for Excell Company. Additional information: 1. The

Question:

The following is a June 30, 2011, post-closing trial balance for Excell Company.

Additional information:

1. The short-term investments account includes $18,000 in U.S. treasury bills purchased in May. The bills mature in July.

2. The accounts receivable account consists of the following:

3. The notes payable account consists of two notes of $50,000 each. One note is due on September 30, 2011, and the other is due on November 30, 2012.

4. The mortgage payable is payable in semiannual installments of $5,000 each plus interest. The next payment is due on October 31, 2011. Interest has been properly accrued and is included in accrued expenses.

5. Five hundred thousand shares of no par common stock are authorized, of which 200,000 shares have been issued and are outstanding.

6. The land account includes $50,000 representing the cost of the land on which the company's office building resides. The remaining $25,000 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, 2011.

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...