Use the above adjusted trial balance to prepare Wilson Trucking Company’s classi

Question

  

Use the above adjusted trial balance to prepare Wilson Trucking Company’s classified balance sheet as of December 31, 2015.

Account Title Debit Credit   Cash $ 5,000   Accounts receivable 14,500   Office supplies 7,618   Trucks 191,000   Accumulated depreciation—Trucks $ 39,346   Land 47,000   Accounts payable 9,000   Interest payable 9,000   Long-term notes payable 42,000   K. Wilson, Capital 188,017   K. Wilson, Withdrawals 28,000   Trucking fees earned 122,000   Depreciation expense—Trucks 25,378   Salaries expense 64,956   Office supplies expense 14,000   Repairs expense—Trucks 11,911   Totals $ 409,363 $ 409,363

Explanation / Answer

Income Statement: Revenue: Truck fees earned 122000 Less: Expense Depreciation expense 25378 Salaries expense 64956 office supplies expense 14000 Reairs expense 11911 Total Expense 116245 Net income 5755 Statement of Owner's equity: Beginning Balance of capital 188017 Add: Net income 5755 193772 Less: Withdrawals 28000 Ending balance of capital 165772 Balance Sheet: Assets: Current assets: Cash 5000 Accounts receivable 14500 office supplies 7618 Total current assets 27118 Property plant and equipment Land 47000 Trucks 191000 Less: Accumulated dep 39346 151654 Total Assets 225772 Liabilities: Current liabilities: Accounts payable 9000 Interest payable 9000 Total current liabilities 18000 Long term liabilities: Long term note payable 42000 Owner's equity 165772 Total Liabilities and owner's equity 225772

Related Questions

Navigate

• Browse (All)
• Browse U
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.