Question

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.

Answer 1

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