Given the information in th below Post-Closing Trial Balance Sheet please fill out the blank values of 1-27 in the balance sheet.
EXCELL COMPANY
Post-Closing Trial Balance
June 30, 2011
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 9/30/2011 $50,000
Note payable due on 11/30/2012 $50,000
Mortgage payable semiannually (excluding interest) $5,000
Shares of common stock 500,000
Shares of common stock issued and outstanding 200,000
Land account with office building (cost) $50,000
Cost of land $25,000
Prepare Balance Sheet
Answer
| EXCELL COMPANY | ||
| Balance Sheet | ||
| At June -30 | ||
| Assets | Amount In $ | Amount In $ |
| Current Assets: | ||
| Cash and Cshequivalents | 101000 | |
| Short-term investments | 47000 | |
| Accounts receivable, net of allowance for uncollectible accounts of $15,000 |
21000 | |
| Interest receivable | 5000 | |
| Prepaid expenses | 32000 | |
| Total current assets | 395000 | |
| Investments: | ||
| Note receivable 7.) | 65000 | |
| Land held sale | 25000 | 90000 |
| Property, plant, and equipment: | ||
| Land | 50000 | |
| Buildings | 320000 | |
| Equipment | 265000 | |
| 635000 | ||
| Less: Accumulated depreciation | -280000 | |
| Net property, plant, and equipment | 355000 | |
| Total Assets | 840000 | |
| Liabilities and Shareholders’ Equity | ||
| Current liabilities: | ||
| Account payable | 173000 | |
| Accrued expenses | 45000 | |
| Note payable | 50000 | |
| Current maturities of long term debt | 10000 | |
| Total current liabilities | 278000 | |
| Long-term liabilities: | ||
| Note payable | 50000 | |
| Mortgage payable | 240000 | |
| Total long-term liabilities | 290000 | |
| Shareholders’ equity: | ||
| Common stock, no par value; 500,000 shares authorized; | ||
| 200,000 shares issues and outstanding | 100000 | |
| Retained earnings | 172000 | |
| Total shareholders’ equity | 272000 | |
| Total liabilities and shareholders’ equity | 840000 | |
