Question

In: Accounting

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, 2017.

WILSON TRUCKING COMPANY

Balance Sheet

December 31, 2017

Assets

0

Liabilities

Equity

$0

$0

Solutions

Expert Solution

Answer:-

Use the above adjusted trial balance to prepare Wilson Trucking Company’s classified balance sheet as of December 31, 2017:-

Current assets:-
Cash and cash equivalents $6,800
Accounts receivable $26,000
Office supplies $7,205
Total current assets

= 6,800 + 26,000 + 7,205

= $40,005
Fixed assets
Trucks $151,000
Accumulated depreciation—Trucks $31,106
Land $47,000
Total fixed assets

= 151,000 + 47,000 - 31,106

= $166,894
Total Assets

= 166,894 + 40,005

= $206,899
Liabilities:
Current liabilities
Accounts payable $10,800
Interest payable $12,000
Total current liabilities

= 10,800 + 12,000

= $22,800
Long term liabilities
Long term note payable $38,000
Total long - term liabilities $38,000
Total liabilities

= 22,800 + 38,000

= $60,800
Equity :
Owner's equity capital $17,000
Retained earnings $129,099
Total owner's equity

= 129,099 + 17,000

= $146,099
Total equity = Total liability+ owner's equity

= 146,099 + 60,800

= $206,899

Working notes:-

Profit earned
Trunk fees earned $128,000
Deduct : Expenses
Depreciation $20,063
Salaries expense $61,439
Office supplies expense $11,000
Repairs - trucks $11,266
Total expenses

= 20,063 + 61,439 + 11,000 + 11,266

= $103,768
Profit earned

$128,000 - 103,768

= $24,232
Retained earnings $149,867
Plus : Profit $24,232
Deduct : Dividends paid $45,000
Net retained earnings

= 149,867 - (24,232 + 45,000)

= 149,867 - 20,768

= $129,099

ekkarill92 answered 8 months ago
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