Use the above adjusted trial balance to prepare Wilson Trucking Companys classified balance sheet as...
60.1K
Verified Solution
Link Copied!
Question
Accounting
Use the above adjusted trial balance to prepare Wilson Trucking Companys classified balance sheet as of December 31, 2017.
Cash
$
5,900
Accounts receivable
27,500
Office supplies
7,590
Trucks
196,000
Accumulated depreciationTrucks
$
40,376
Land
48,000
Accounts payable
9,900
Interest payable
7,000
Long-term notes payable
63,000
Common stock
15,000
Retained earnings
172,347
Dividends
29,000
Trucking fees earned
126,000
Depreciation expenseTrucks
26,043
Salaries expense
64,722
Office supplies expense
17,000
Repairs expenseTrucks
11,868
Totals
$
433,623
$
433,623
Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 3 WIL SON TRUCKING COMPANY Balance Sheet December 31, 2017 Assets urrent assets Cash Accounts receivable Office supplies 5,900 27,500 7,590 Total current assets 40,990 Plant assets Trucks Accumulated depreciation-Trucks Land 5 196,000 196,000 48,000 244,000 5 284,990 Total plant assets Total assets Liabilities urrent liabilities Accounts payable Interest payable 9,900 7,000 Total current liabilities 16,900 Long-term liabilities Long-term notes payable 63,000 Total liabilities 79,900 Equity Common stock 15,000 Retained earnings Total equity 15,000 Total liabilities and equity 94,900
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!