4 The following is the ending balances of accounts at June 30, 2018 for Excell C
ID: 2554031 • Letter: 4
Question
4 The following is the ending balances of accounts at June 30, 2018 for Excell Company. Cash 107, 000 89,000 304, 000 56,000 99,000 344,000 ort term inves tment 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 Totals 4.16 poits 172,000 277,000 132,000 Print 185,000 57,000 124,000 250, 000 220,000 136, 000 $1,276,000 1, 276,000 Additional Information: 1. The short-term investments account includes $30.000 in US. treasury bills purchased in May. The bills mature in July 2. The accounts receivable account consists of the following a. Amounts owed by customers $247,000 (27,000) 77,000 $304, 000 A1Lowance for uncollectible accounts-trade customers c.Non trade note recesvable (due in three years) d. Interest receivable on note (due in four months) TotalExplanation / Answer
Balance sheet
Assets
current Assets
cash & cash equivalents
107000+30000
137000
short term investment
89000-30000
59000
accounts receivables net off allowance for doubtful debts
247000-27000
220000
prepaid expenses
56000
interest receivables
7000
total of current assets
479000
Investments:
114000
notes receivables
77000
land held for sale
37000
Property plant and equipment:
379000
building net off acculated depreciation
344000-172000
172000
equipment net of accumulated depreciation
277000-132000
145000
land for building
62000
total of assets
972000
Liabilities and shareholders equity
Current liabilities
accounts payable
185000
notes payable
62000
accrued expenses
57000
mortgage payable
5000
total of current liabilities
309000
notes payable
62000
mortgage payble
245000
total of liabilities
616000
shareholders equity
common stock
220000
retained earning
136000
total share holders equity
356000
total of liabilities and shareholders equity
972000
Balance sheet
Assets
current Assets
cash & cash equivalents
107000+30000
137000
short term investment
89000-30000
59000
accounts receivables net off allowance for doubtful debts
247000-27000
220000
prepaid expenses
56000
interest receivables
7000
total of current assets
479000
Investments:
114000
notes receivables
77000
land held for sale
37000
Property plant and equipment:
379000
building net off acculated depreciation
344000-172000
172000
equipment net of accumulated depreciation
277000-132000
145000
land for building
62000
total of assets
972000
Liabilities and shareholders equity
Current liabilities
accounts payable
185000
notes payable
62000
accrued expenses
57000
mortgage payable
5000
total of current liabilities
309000
notes payable
62000
mortgage payble
245000
total of liabilities
616000
shareholders equity
common stock
220000
retained earning
136000
total share holders equity
356000
total of liabilities and shareholders equity
972000
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