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Account Title Debit Credit
Cash $ 8,100
Accounts receivable 27,500
Office supplies 8,030
Trucks 163,000
Accumulated depreciation—Trucks $ 33,578
Land 47,000
Accounts payable 12,100
Interest payable 2,000
Long-term notes payable 39,000
Common stock 38,640
Retained earnings 137,000
Dividends 27,000
Trucking fees earned 130,000
Depreciation expense—Trucks 21,658
Salaries expense 68,474
Office supplies expense 9,000
Repairs expense—Trucks 12,556
Totals $ 392,318 $ 392,318

Use the above adjusted trial balance to prepare Wilson Trucking Company’s classified balance sheet as of December 31.
  


Jse the above adjusted trial balance to prepare Wilson Trucking Companys classified balance sheet as of December 31. WILSON

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Answer #1

WILSON TRUCKING COMPANY

Balance sheet

December 31

Assets
Current assets
Cash 8100
Account receivable 27500
Office supplies 8030
Total Current assets 43630
Property, plant and equipment
Land 47000
Truck 163000
Less: Accumulated depreciation -33578 129422
Total Property, plant and equipment 176422
Total assets 220052
Liabilities
Current liabilities
Account payable 12100
Interest payable 2000
Total current liabilities 14100
Long term liabilities
Notes payable 39000
Total liabilities 53100
Stockholder's equity
Common Stock 38640
Retained earnings 128312
Total Stockholder's equity 166952
Total liabilities and stockholder's equity 220052
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