Use the above adjusted trial balance to prepare Wilson Trucking Company’s classi
ID: 2335289 • Letter: U
Question
Use the above adjusted trial balance to prepare Wilson Trucking Company’s classified balance sheet as of December 31, 2017.
Cash $ 5,900 Accounts receivable 27,500 Office supplies 7,590 Trucks 196,000 Accumulated depreciation—Trucks $ 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 expense—Trucks 26,043 Salaries expense 64,722 Office supplies expense 17,000 Repairs expense—Trucks 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 94,900Explanation / Answer
Net income = 126000-26043-64722-17000-11868 = 6367
Ending retained earnings = 172347+6367-29000 = 149714
WILSON TRUCKING COMPANY Balance sheet December 31,2017 Assets Current assets Cash 5900 Account receivable 27500 Office supplies 7590 Total current assets 40990 Non current assets Land 48000 Truck 196000 Less: Accumlated depreciation -Truck -40376 155624 Total Non current assets 203624 Total Assets 244614 Liabilities Current liabiltiies Account payable 9900 Interest payable 7000 Total current liabilities 16900 Long term liabilties Long term notes payable 63000 Total liabilities 79900 Stockholder's equity Common Stock 15000 Retained earnings 149714 Total Stockholder's equity 164714 Total liabilities and stockholder's equity 244614Related Questions
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