The following is the ending balances of accounts at June 30, 2017 for WorkBee,Co

Question

The following is the ending balances of accounts at June 30, 2017 for WorkBee,Company. Account Title Cash Accounts receivable Prepaid expenses Land Buildings Accumulated depreciation-buildings Investments Salaries Payable Accounts payable Deferred Revenue Notes payable DebitsCredits 148,000 280,000 35,000 72,000 320,000 160,000 265,000 120,000 173,000 45,000 100,000 Mortgage payable Common stock Retained earnings Totals 250,000 100,000 172,000 1120.000 1120,000 Additional Information: 1. 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) $225,000 (15,000) 65,000 5,000 280,000 Total

Explanation / Answer

WORKBEE COMPANY Balance Sheet June 30, 2017 Assets Current Assets Cash Free cash 98000    Sinking fund for bomd issue 50000 148000 Marketable securities 200000 Accounts Receivable 225000 Allowance for doubtful accounts 15000 210000 Interest Receivable 5000 Prepaid Expenses 29000 Total Current Assets 592000 Note Receivable (due in 3 years) 65000 Prepaid Insurance 6000 Property , Plant and Equipment Land 50000 Buildings 320000 Accumulated Depreciation 160000 160000 Total Prpoerty,Plant and Equipment 210000 Investments - Land 22000 Trade Investments 65000 Total Assets 960000 Liabilities and Stockholders' Equity Current Liabilities Salaries Payable 120000 Accounts Payable 173000 Deferred revenue -- Current Portion 22500 Notes Payable - Current Portion 50000 Mortgage Payable - Current Portion 5000 Total Current Liabilities 370500 Mortgage Payable 245000 Notes Payable 50000 Deferred Revenue 22500 Long-term liabilities 317500 Total Liabilities 688000 Stockholders' Equity Common Stock 100000 (500,000 shares of no par authorised,       200,000 shares issued and outstanding) Retained Earnings 172000 Total stockholders' Equity 272000 Total liabilities and stockholders' Equity 960000 All assets and liabilities which are to be receivable/payable within a period of 12 months are to be classified as   current asssets/liabilities. The balance are to be reported as long-term assets / liabilities.

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