Question

In: Accounting

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

Related Solutions

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....
Account Title Debit Credit Cash $ 6,800 Accounts receivable 14,000 Office supplies 7,233 Trucks 196,000 Accumulated...
Account Title Debit Credit Cash $ 6,800 Accounts receivable 14,000 Office supplies 7,233 Trucks 196,000 Accumulated depreciation—Trucks $ 40,376 Land 50,000 Accounts payable 10,800 Interest payable 4,000 Long-term notes payable 35,000 K. Wilson, Capital 204,883 K. Wilson, Withdrawals 29,000 Trucking fees earned 126,000 Depreciation expense—Trucks 26,043 Salaries expense 61,674 Office supplies expense 19,000 Repairs expense—Trucks 11,309 Totals $ 421,059 $ 421,059 Use the above adjusted trial balance to prepare Wilson Trucking Company’s classified balance sheet as of December 31, 2015.
Account Title Debit Credit   Cash $ 5,000   Accounts receivable 14,500   Office supplies 7,618   Trucks 191,000   Accumulated...
Account Title Debit Credit   Cash $ 5,000   Accounts receivable 14,500   Office supplies 7,618   Trucks 191,000   Accumulated depreciation—Trucks $ 39,346   Land 47,000   Accounts payable 9,000   Interest payable 9,000   Long-term notes payable 42,000   K. Wilson, Capital 188,017   K. Wilson, Withdrawals 28,000   Trucking fees earned 122,000   Depreciation expense—Trucks 25,378   Salaries expense 64,956   Office supplies expense 14,000   Repairs expense—Trucks 11,911   Totals $ 409,363 $ 409,363    Use the above adjusted trial balance to prepare Wilson Trucking Company’s classified balance sheet as of December 31,...
  Account Title Debit Credit   Cash $ 9,800   Accounts receivable 14,000   Office supplies 8,223   Trucks 152,000   Accumulated...
  Account Title Debit Credit   Cash $ 9,800   Accounts receivable 14,000   Office supplies 8,223   Trucks 152,000   Accumulated depreciation—Trucks $ 31,312   Land 40,000   Accounts payable 13,800   Interest payable 16,000   Long-term notes payable 37,000   K. Wilson, Capital 145,080   K. Wilson, Withdrawals 32,000   Trucking fees earned 121,000   Depreciation expense—Trucks 20,196   Salaries expense 70,116   Office supplies expense 5,000   Repairs expense—Trucks 12,857   Totals $ 364,192 $ 364,192    Use the above adjusted trial balance to prepare Wilson Trucking Company’s classified balance sheet as of December 31,...
Account Title Debit Credit Cash $ 6,800 Accounts receivable 26,000 Office supplies 7,205 Trucks 151,000 Accumulated...
Account Title Debit Credit Cash $ 6,800 Accounts receivable 26,000 Office supplies 7,205 Trucks 151,000 Accumulated depreciation—Trucks $ 31,106 Land 47,000 Accounts payable 10,800 Interest payable 12,000 Long-term notes payable 38,000 Common stock 17,000 Retained earnings 149,867 Dividends 45,000 Trucking fees earned 128,000 Depreciation expense—Trucks 20,063 Salaries expense 61,439 Office supplies expense 11,000 Repairs expense—Trucks 11,266 Totals $ 386,773 $ 386,773    Use the above adjusted trial balance to prepare Wilson Trucking Company’s classified balance sheet as of December 31,...
Account Title Debit Credit Cash $5,700 Accounts receivable 20,000 Office supplies 7,645 Trucks 189,000 Accumulated depreciation—Trucks...
Account Title Debit Credit Cash $5,700 Accounts receivable 20,000 Office supplies 7,645 Trucks 189,000 Accumulated depreciation—Trucks $38,934 Land 42,000 Accounts payable 9,700 Interest payable 1,000 Long-term notes payable 51,000 K. Wilson, Capital 191,968 K. Wilson, Withdrawals 40,000 Trucking fees earned 124,000 Depreciation expense—Trucks 25,112 Salaries expense 65,191 Office supplies expense 10,000 Repairs expense—Trucks 11,954 Totals $416,602 $416,602    Use the above adjusted trial balance to prepare Wilson Trucking Company’s classified balance sheet as of December 31, 2017.
Account Title Debit Credit Cash $5,200 Accounts receivable 20,000 Office supplies 6,353 Trucks 186,000 Accumulated depreciation—Trucks...
Account Title Debit Credit Cash $5,200 Accounts receivable 20,000 Office supplies 6,353 Trucks 186,000 Accumulated depreciation—Trucks $38,316 Land 50,000 Accounts payable 9,200 Interest payable 10,000 Long-term notes payable 56,000 K. Wilson, Capital 156,854 K. Wilson, Withdrawals 35,000 Trucking fees earned 126,000 Depreciation expense—Trucks 24,714 Salaries expense 54,170 Office supplies expense 5,000 Repairs expense—Trucks 9,933 Totals $396,370 $396,370    Use the above adjusted trial balance to prepare Wilson Trucking Company’s classified balance sheet as of December 31, 2017.
5. Account Title Debit Credit Cash $ 9,300 Accounts receivable 27,500 Office supplies 6,518 Trucks 191,000...
5. Account Title Debit Credit Cash $ 9,300 Accounts receivable 27,500 Office supplies 6,518 Trucks 191,000 Accumulated depreciation—Trucks $ 39,346 Land 50,000 Accounts payable 13,300 Interest payable 5,000 Long-term notes payable 42,000 Common stock 15,000 Retained earnings 146,818 Dividends 10,000 Trucking fees earned 130,000 Depreciation expense—Trucks 25,378 Salaries expense 55,577 Office supplies expense 6,000 Repairs expense—Trucks 10,191 Totals $ 391,464 $ 391,464    Use the above adjusted trial balance to prepare Wilson Trucking Company’s classified balance sheet as of December...
No Date Account Title Debit Credit 1 Jan 02 Prepaid Rent 6,300 Cash 6,300 2 Jan...
No Date Account Title Debit Credit 1 Jan 02 Prepaid Rent 6,300 Cash 6,300 2 Jan 09 Supplies 3,600 Accounts Payable 3,600 3 Jan 13 Accounts Receivable 25,600 Service Revenue 25,600 4 Jan 17 Cash 3,800 Deferred Revenue 3,800 5 Jan 20 Salaries Expense 11,600 Cash 11,600 6 Jan 22 Cash 24,200 Accounts Receivable 24,200 7 Jan 29 Accounts Payable 4,100 Cash 4,100 8 Jan 31 Rent Expense 525 Prepaid Rent 525 9 Jan 31 Supplies Expense 3,900 Supplies 3,900...
debit credit cash 6900 accounts receivable 4500 prepaid rent 6300 supplies 2250 equipment 18000 accumulated depreciation...
debit credit cash 6900 accounts receivable 4500 prepaid rent 6300 supplies 2250 equipment 18000 accumulated depreciation 900 unearned revenue 1500 notes payable 10 000 contributed capital 8000 retained earnings, 1 april 12200 service revenue 11200 advertising expense 650 depreciation expense 900 interest expense 150 rent expense 2100 salaries expense dividends totals 1700 350 43800 43800 Additional Information: i   Rent expires (is used up) at a rate of $700 per month. ii   Monthly depreciation on equipment is $300. iii   Interest on...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT