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Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December X Answer is not complete. WIL SON TRUCKING COMPANY Balance Sheet December 31 Assets Cash 6,400 Accounts receivable 14,000 O Office supplies 6,765 Trucks 167.000

Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December X Answer is not complete. WIL SON TRUCKING COMPANY Balance Sheet December 31 Assets Cash 6,400 Accounts receivable 14,000 O Office supplies 6,765 Trucks 167.000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Exerclse 3-12 Preparing a classified balance sheet LO C3 Account Title Debit $ 6,400 14,000 6,765 167,000 Credit Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings Dividends Trucking fees earned Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense-Trucks $ 34,402 41,000 10,400 11,000 52,000 4,317 135,500 26,000 120,000 22,189 57,687 16,000 10,578 Totals $367,619 $367,619 Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of Answer is not complete. WILSON TRUCKING COMPANY
Transcribed Image Text:Exerclse 3-12 Preparing a classified balance sheet LO C3 Account Title Debit $ 6,400 14,000 6,765 167,000 Credit Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings Dividends Trucking fees earned Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense-Trucks $ 34,402 41,000 10,400 11,000 52,000 4,317 135,500 26,000 120,000 22,189 57,687 16,000 10,578 Totals $367,619 $367,619 Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of Answer is not complete. WILSON TRUCKING COMPANY
Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31. X Answer is not complete. nts WIL SON TRUCKING COMPANY Balance Sheet December 31 Assets Cash 6,400 O Accounts receivable 14,000 O Office supplies 6,765 O Trucks 167,000 X Accumulated depreciation-Trucks 41,000 X Total current assets IS 235, 165 Liabilities Accounts payable Is 10,400 O 11.000 52.000 8 Interest payable Long-term notes payable 73,400 Total current liabilities Equity Common stock 4,317 O Retained earnings 123,046 O 127,363 Total equity 127,363 Total liabilities and equity Next
Transcribed Image Text:Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31. X Answer is not complete. nts WIL SON TRUCKING COMPANY Balance Sheet December 31 Assets Cash 6,400 O Accounts receivable 14,000 O Office supplies 6,765 O Trucks 167,000 X Accumulated depreciation-Trucks 41,000 X Total current assets IS 235, 165 Liabilities Accounts payable Is 10,400 O 11.000 52.000 8 Interest payable Long-term notes payable 73,400 Total current liabilities Equity Common stock 4,317 O Retained earnings 123,046 O 127,363 Total equity 127,363 Total liabilities and equity Next
Expert Solution
Step 1

Solution

Working note for retained earnings

Net income       

Trucking fees earned

120000

Less expenses

 

Depreciation

22189

Salaries

57687

Office supplies expense

16000

Repairs expense

10578

Net income

13546

 

Retained earnings balance           =135500+13546-26000

                                                                =123046

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