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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 stock400,000 Shares of common stock authorized800,000
Student Name:InstructorClass:McGraw-Hill/IrwinProblem 03-05EXCELL COMPANYBalance SheetAt June 30, 2013AssetsCurrent assets:Cash and cash equivalents$101,000 Short-term investments47,000 Accounts receivable, net of allowance for uncollectible accounts of $15,000210,000 Interest receivable5,000 Prepaid expenses32,000 Total current assets395,000 Investments:Note receivable$65,000 Land held for sale25,000 90,000 Property, plant, and equipment:Land50,000 Buildings320,000 Equipment265,000 635,000 Less: Accumulated depreciation(280,000)Net property, plant, and equipment355,000 Total assets$840,000 Correct!Liabilities and Shareholders' EquityCurrent liabilities:Accounts payable$173,000 Accrued expenses45,000 Note payable50,000 Current maturities of long-term debt10,000 Total current liabilities278,000 Long-term liabilities:Note payable$50,000 Mortgage payable240,000 Total long-term liabilities290,000 Shareholders' equity:Common stock, no par value; 500,000 sharesauthorized; 200,000 shares issued and outstanding100,000 Retained earnings172,000 Total shareholders' equity272,000 Total liabilities and shareholders' equity$840,000 Correct!
Given Data P03-05:EXCELL COMPANYPost-Closing Trial BalanceJune 30, 2013Account TitleDebitsCreditsCash83,000 Short-term investments65,000 Accounts receivable280,000 Prepaid expenses32,000 Land75,000 Buildings320,000 Accumulated depreciation - buildings160,000 Equipment265,000 Accumulated depreciation - equipment120,000 Accounts payable173,000 Accrued expenses45,000 Notes payable100,000 Mortgage payable250,000 Common stock100,000 Retained earnings172,000 Totals1,120,000 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 authorized500,000 Shares of common stock issued and outstanding200,000 Cost of land under office building$50,000 Cost of land held for investment$25,000