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Account Title Debit Credit Cash $ 6,300 Accounts receivable 27,000 Office supplies 7,975 Trucks 192,000 Accumulated...


Account Title Debit Credit
Cash $ 6,300
Accounts receivable 27,000
Office supplies 7,975
Trucks 192,000
Accumulated depreciation—Trucks $ 39,552
Land 44,000
Accounts payable 10,300
Interest payable 15,000
Long-term notes payable 60,000
K. Wilson, Capital 186,409
K. Wilson, Withdrawals 40,000
Trucking fees earned 126,000
Depreciation expense—Trucks 25,511
Salaries expense 68,005
Office supplies expense 14,000
Repairs expense—Trucks 12,470
Totals $ 437,261 $ 437,261
  
Use the above adjusted trial balance to prepare Wilson Trucking Company’s classified balance sheet as of December 31.
  

Solutions

Expert Solution

Wilson Trucking Company
Classified Balance Sheet
As of December 31 Amount $
Assets
Current Assets
Cash           6,300
Accounts Receivable         27,000
Office Supplies           7,975
Non-Current Assets
Land         44,000
Trucks 192,000
Less: Accumulated Depreciation-Trucks     39,552     152,448
Total Assets     237,723
Liabilities & Owner's Equity
Non-Current Liabilities
Long Term Notes Payable         60,000
Current Liabilities
Accounts Payable         10,300
Interest Payable         15,000
Owner's Equity
K, Wilson Capital     152,423
(186,409 - 40,000 + 126,000 - 25,511 - 68,005 - 14,000 - 12,470 )
Total Liabilities & Stockholder's Equity     237,723

ekkarill92 answered 2 years ago
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