Not secure l ezto.mheducation.com/hm.tpx The following is the ending balances of

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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 search

Explanation / 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

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