The following is the ending balances of accounts at June 30, 2021, for Excell Company. Account Title Debits Credits
Cash $ 93,000
Short-term investments 75,000
Accounts receivable (net) 290,000
Prepaid expenses (for the next 12 months) 42,000
Land 85,000
Buildings 330,000
Accumulated depreciation—buildings $ 165,000
Equipment 270,000
Accumulated depreciation—equipment 125,000
Accounts payable 178,000
Accrued liabilities 50,000
Notes payable 110,000
Mortgage payable 240,000
Common stock 150,000
Retained earnings 167,000
Totals $ 1,185,000 $ 1,185,000
Additional information:
The short-term investments account includes $23,000 in U. S. treasury bills purchased in May. The bills mature in July, 2021.
The accounts receivable account consists of the following:
a. Amounts owed by customers $ 232,000
b. Allowance for uncollectible accounts—trade customers (18,000 )
c. Nontrade notes receivable (due in three years) 70,000
d. Interest receivable on notes (due in four months) 6,000
Total $ 290,000
The notes payable account consists of two notes of $55,000 each. One note is due on September 30, 2021, and the other is due on November 30, 2022.
The mortgage payable is a loan payable to the bank in semiannual installments of $4,800 each plus interest. The next payment is due on October 31, 2021. Interest has been properly accrued and is included in accrued expenses.
Eight hundred thousand shares of no par common stock are authorized, of which 300,000 shares have been issued and are outstanding.
The land account includes $55,000 representing the cost of the land on which the company's office building resides. The remaining $30,000 is the cost of land that the company is holding for investment purposes.

Total Assets $895,000

Total liabilities and stockholders'equity $895,000

Explanation:

Preparation of a classified balance sheet for the Excell Company at June 30, 2021

EXCELL COMPANY Balance Sheet At June 30, 2021

ASSETS

Current assets:

Cash and cash equivalents $116,000

($93,000+$23,000)

Short-term investments $52,000

($75,000-$23,000)

Accounts receivable, net of allowance for uncollectible accounts $214,000

($232,000-$18,000)

Interest receivable $6,000

Prepaid expenses $42,000

Total current assets $430,000

($116,000+$52,000+$214,000+$6,000+$42,000)

Investments:

Note receivable $70,000

Land held for sale $30,000

$100,000

($70,000+$30,000)

Property, plant, and equipment:

Land $55,000

Buildings $330,000

Equipment $270,000

($55,000+$330,000+$270,000)

$655,000

Less: Accumulated depreciation ($290,000)

Net property, plant, and equipment $365,000

($655,000-$290,000)

TOTAL ASSETS $895,000

($430,000+$100,000+$365,000)

LIABILITIES AND STOCKHOLDERS'S EQUITY

Current liabilities:

Accounts payable $178,000

Accrued expenses $50,000

Note payable $55,000

Current maturities of long-term debt $9,600

(4800*2)

Total current liabilities $292,600

($178,000+$50,000+$55,000+$9,600)

Long-term liabilities:

Note payable $55,000

Mortgage payable $230,400

($240,000-$9,600)

Total long-term liabilities $285,400

($55,000+$230,400)

Shareholders’ equity:

Common stock, no par value; 800,000 shares

authorized; 300,000 shares issued and outstanding $150,000

Retained earnings $167,000

Total shareholders ’equity $317,000

($150,000+$167,000)

TOTAL LIABILITIES AND STOCKHOLDERS'S EQUITY $895,000

($292,600+$285,400+$317,000)

Therefore the classified balance sheet for the Excell Company at June 30, 2021 will be :

Total Assets $895,000

Total liabilities and stockholders'equity $895,000

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