Chapter 3, Problem 9E

Summary Introduction

Classified Balance Sheet

Balance Sheet is a statement of assets and liabilities owned and owed by the business at a particular pointin time. However, Classified is the way of presentation of assets and liabilities into different classes in the Balance Sheet. The assets are generally classified into three classes: Current assets, Property, Plant and Equipment (PPE) and Intangible assets.

The liabilities are classified into two main classes, i.e.,current liabilities and long term liabilities.

To determine:

TheClassified Balance Sheet of Wilson Trucking Business shall be prepared.