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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.

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Expert Solution

Wilson Trucking Company
Balance Sheet for Year ended on 31st Dec 2017
Amount($) Amount($)
Assets
Current Asset
Cash                     5,200
Account Receivable                   20,000
Office Supllies                     6,353
Total Current Asset             31,553
Property, Plant & Equipment
Land             50,000
Trucks                1,86,000
Less: Accumulated Depreciation                  -38,316          1,47,684
Total Asset          2,29,237
Liability & Equity
Current Liabilities
Account Payable                     9,200
Interest Payable                   10,000             19,200
Long term Liabilities
Long Term Notes Payable             56,000
Total Liabilities             75,200
Share holder Equity
Capital                1,56,854
Drawing                  -35,000          1,21,854
Retained Earning             32,183
Total Equity          1,54,037
Total Liability & Equity          2,29,237
Walson Trucking Company
Income Statement for year ended on 31st Dec 2017
Truck Fees Earnd          1,26,000
Repair Expense- Truck                     9,933
Depreciation Expense- Truck                   24,714
Office Supplies Expense                     5,000
Salaries Expense                   54,170             93,817
Net Income For the year $ 32,183

ekkarill92 answered 10 months ago
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