Prepaid subscriptions of 1 year or less 80000 note

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Prepaid subscriptions of 1 year or less $80,000 Note due in six months $40,000 Note due in six years $100,000 Note due in three annual installments $60,000 Installments amount $20,000 Shares of no par common stock 400,000 Shares of common stock authorized 800,000
Student Name: Instructor Class: McGraw-Hill/Irwin Problem 03-05 EXCELL COMPANY Balance Sheet At June 30, 2013 Assets Current assets: Cash and cash equivalents $101,000 Short-term investments 47,000 Accounts receivable, net of allowance for uncollectible accounts of $15,000 210,000 Interest receivable 5,000 Prepaid expenses 32,000 Total current assets 395,000 Investments: Note receivable $65,000 Land held for sale 25,000 90,000 Property, plant, and equipment: Land 50,000 Buildings 320,000 Equipment 265,000 635,000 Less: Accumulated depreciation (280,000) Net property, plant, and equipment 355,000 Total assets $840,000 Correct! Liabilities and Shareholders' Equity Current liabilities: Accounts payable $173,000 Accrued expenses 45,000 Note payable 50,000 Current maturities of long-term debt 10,000 Total current liabilities 278,000 Long-term liabilities: Note payable $50,000 Mortgage payable 240,000 Total long-term liabilities 290,000 Shareholders' equity: Common stock, no par value; 500,000 shares authorized; 200,000 shares issued and outstanding 100,000 Retained earnings 172,000 Total shareholders' equity 272,000 Total liabilities and shareholders' equity $840,000 Correct!
Given Data P03-05: EXCELL COMPANY Post-Closing Trial Balance June 30, 2013 Account Title Debits Credits Cash 83,000 Short-term investments 65,000 Accounts receivable 280,000 Prepaid expenses 32,000 Land 75,000 Buildings 320,000 Accumulated depreciation - buildings 160,000 Equipment 265,000 Accumulated depreciation - equipment 120,000 Accounts payable 173,000 Accrued expenses 45,000 Notes payable 100,000 Mortgage payable 250,000 Common stock 100,000 Retained earnings 172,000 Totals 1,120,000 1,120,000 Additional Information: U.S. treasury bill purchased in May $18,000 Accounts receivable: Amounts owed by customers $225,000 Allowance for uncollectible accounts-trade customers (15,000) Nontrade note receivable (due in 3 years) 65,000 Interest receivable on note (due in 4 months) 5,000 Total $280,000 Note payable due on 9/30/2013 $50,000 Note payable due on 11/30/2014 $50,000 Mortgage payable semiannually (excluding interest) $5,000 Shares of no par common stock authorized 500,000 Shares of common stock issued and outstanding 200,000 Cost of land under office building $50,000 Cost of land held for investment $25,000
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