The following is the ending balances of accounts at June 30, 2018 for Excell Company.

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The following is the ending balances of accounts at June 30, 2018 for Excell Company.

Account TitleDebitsCreditsCash$89,000    Short-term investments 71,000    Accounts receivable 286,000    Prepaid expenses 38,000    Land 81,000    Buildings 326,000    Accumulated depreciation—buildings   $163,000 Equipment 268,000    Accumulated depreciation—equipment    123,000 Accounts payable    176,000 Accrued expenses    48,000 Notes payable    106,000 Mortgage payable    220,000 Common stock    130,000 Retained earnings    193,000 Totals$1,159,000 $1,159,000

  1. Additional information:

    The short-term investments account includes $21,000 in U.S. treasury bills purchased in May. The bills mature in July.
  2. The accounts receivable account consists of the following:

a.Amounts owed by customers$228,000 b.Allowance for uncollectible accounts—trade customers (18,000)c.Non trade note receivable (due in three years) 68,000 d.Interest receivable on note (due in four months) 8,000  Total$286,000

  1. The notes payable account consists of two notes of $53,000 each. One note is due on September 30, 2018, and the other is due on November 30, 2019.
  2. The mortgage payable is payable in semiannual installments of $4,400 each plus interest. The next payment is due on October 31, 2018. Interest has been properly accrued and is included in accrued expenses.
  3. Eight hundred thousand shares of no par common stock are authorized, of which 260,000 shares have been issued and are outstanding.
  4. The land account includes $53,000 representing the cost of the land on which the company’s office building resides. The remaining $28,000 is the cost of land that the company is holding for investment purposes.


Prepare a classified balance sheet for the Excell Company at June 30, 2018.

(Amounts to be deducted should be indicated by a minus sign.)

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