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
The short-term investments account includes $21,000 in U.S. treasury bills purchased in May. The bills mature in July.
- 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
- 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.
- 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.
- Eight hundred thousand shares of no par common stock are authorized, of which 260,000 shares have been issued and are outstanding.
- 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.)