Not secure l ezto.mheducation.com/hm.tpx The following is the ending balances of
ID: 2336677 • Letter: N
Question
Not secure l ezto.mheducation.com/hm.tpx The following is the ending balances of accounts at June 30, 2016, for Excell Company. Debits 99,000 81,000 296,000 48,000 91,000 336,000 Cash Short-term investments Accounts receivable Prepaid expenses Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Accounts payable Accrued expenses Notes payable Mortgage payable Common stock Retained earnings 168,000 273,000 128,000 181,000 53,000 116,000 270,000 180,000 128,000 Totals 1.224,0001.224,000 Additional information: 1. The short-term investments account includes $26,000 in U S treasury bills purchased in May 1T mature in July 2 The accounts receivable account consists of the following a Amounts owed by customers b. Allowance for uncollectible accounts-trade customers C. Nontrade note receivable (due in three years) d Interest receivable on note (due in four months) $238,000 (20.000) 73,000 5,000 $296. 000 Total Type here to searchExplanation / Answer
Balance Sheet :-
Cash and Cash Equivalents :-
= Cash as per trial balance + Amount of U.S. Treasury bill
= $99000 + $26000
= $125000
Short term investment :-
= Short term investment as per trial balance - Amount of U.S. Treasury bill
= $81000 - $26000
= $55000
Net Notes Receivable :-
= Amount owned by customers - Allowance for uncollectible accounts
= $238000 - $20000
= $218000
Mortgage Payable :-
= Mortgage Payable as per trial balance - Semiannual installment plus interest
= $270000 - $10800
= $259200
ASSETS Amount($) Amount($) Current Assets :- Cash and cash equivalents 125000 Short term investments 55000 Accounts Receivable 218000 Interest Receivable 5000 Prepaid Expenses 48000 Total Current Assets 451000 Investment :- Notes Receivable (Non-trade) 73000 Land held for sale 33000 Total Investments 106000 Property, Plant and Equipment Assets :- Land 58000 Buildings 336000 Equipment 273000 Less : Accumulated Depreciation (296000) Net Property, Plant and Equipment 371000 Total Assets 928000 LIABILITIES AND STOCKHOLDER'S EQUITY Current Liabilities ;- Accounts Payable 181000 Accrued Expenses 53000 Notes Payable 58000 Current Maturities of long term debt 10800 Total Current Liabilities 302800 Long term liabilities :- Notes Payables 58000 Mortgage Payable 259200 Total long term liabilities 317200 STOCKHOLDER'S EQUITY Common Stock 180000 Retained Earnings 128000 Total Stockholder's Equity 308000 Total Liabilities and stockholder's Equity 928000