INTRODUCTION In the classified balance sheet we represent the Asset and Liabilities in Current and Noncurrent. Current assets consist of resources that will be consumed within a year or the next accounting period. Current liabilities are any debts that become due in the next year or accounting period. Non-current or long-term liabilities, on the other hand, become due in more than one year. Non-current asset because it will provide benefits to the company for many future years. Owner’s capital is the Owners share representing owner’s capital after adjusting Net income and withdrawals as on balance sheet date TO PREPARE: We have to prepare the Balance sheet of Wilson trucking company as on 31 s t December, 2015 Wilson Trucking Company Balance sheet As on December 31, 2015 Particulars Amount ($) Particulars Amount ($) CURRENT ASSET CURRENT LIABILITIES Cash $8,000.00 Accounts payable $12,000.00 Accounts receivable $17,500.00 Interest payable $4,000.00 Office supplies $3,000.00 $16,000.00 $28,500.00 NON CURRENT LIABILITIES NON CURRENT ASSET Long term notes payable $53,000.00 Trucks $ 172,000 $69,000.00 Less: Accumulated Depreciation $36,000 $136,000.00 OWNER CAPITAL Land $85,000.00 Owners Capital $180,500.00 TOTAL $249,500.00 TOTAL $249,500.00

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Answer 1

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 4, Problem 12E

To determine

INTRODUCTION

In the classified balance sheet we represent the Asset and Liabilities in Current and Noncurrent. Current assets consist of resources that will be consumed within a year or the next accounting period. Current liabilities are any debts that become due in the next year or accounting period. Non-current or long-term liabilities, on the other hand, become due in more than one year. Non-current asset because it will provide benefits to the company for many future years. Owner’s capital is the Owners share representing owner’s capital after adjusting Net income and withdrawals as on balance sheet date

TO PREPARE:

We have to prepare the Balance sheet of Wilson trucking company as on 31^s^t December, 2015

Wilson Trucking Company
Balance sheet
As on December 31, 2015
Particulars Amount ($) Particulars Amount ($)
CURRENT ASSET

CURRENT LIABILITIES

Cash
$8,000.00
Accounts payable
$12,000.00
Accounts receivable
$17,500.00
Interest payable
$4,000.00
Office supplies
$3,000.00

$16,000.00

$28,500.00
NON CURRENT LIABILITIES

NON CURRENT ASSET

Long term notes payable
$53,000.00
Trucks $ 172,000

$69,000.00
Less: Accumulated Depreciation $36,000
$136,000.00
OWNER CAPITAL
Land
$85,000.00
Owners Capital
$180,500.00
TOTAL
$249,500.00 TOTAL
$249,500.00

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Answer 2

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 4, Problem 12E

To determine

INTRODUCTION

In the classified balance sheet we represent the Asset and Liabilities in Current and Noncurrent. Current assets consist of resources that will be consumed within a year or the next accounting period. Current liabilities are any debts that become due in the next year or accounting period. Non-current or long-term liabilities, on the other hand, become due in more than one year. Non-current asset because it will provide benefits to the company for many future years. Owner’s capital is the Owners share representing owner’s capital after adjusting Net income and withdrawals as on balance sheet date

TO PREPARE:

We have to prepare the Balance sheet of Wilson trucking company as on 31^s^t December, 2015

Wilson Trucking Company
Balance sheet
As on December 31, 2015
Particulars Amount ($) Particulars Amount ($)
CURRENT ASSET

CURRENT LIABILITIES

Cash
$8,000.00
Accounts payable
$12,000.00
Accounts receivable
$17,500.00
Interest payable
$4,000.00
Office supplies
$3,000.00

$16,000.00

$28,500.00
NON CURRENT LIABILITIES

NON CURRENT ASSET

Long term notes payable
$53,000.00
Trucks $ 172,000

$69,000.00
Less: Accumulated Depreciation $36,000
$136,000.00
OWNER CAPITAL
Land
$85,000.00
Owners Capital
$180,500.00
TOTAL
$249,500.00 TOTAL
$249,500.00

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Answer 3

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 4, Problem 12E

To determine

INTRODUCTION

In the classified balance sheet we represent the Asset and Liabilities in Current and Noncurrent. Current assets consist of resources that will be consumed within a year or the next accounting period. Current liabilities are any debts that become due in the next year or accounting period. Non-current or long-term liabilities, on the other hand, become due in more than one year. Non-current asset because it will provide benefits to the company for many future years. Owner’s capital is the Owners share representing owner’s capital after adjusting Net income and withdrawals as on balance sheet date

TO PREPARE:

We have to prepare the Balance sheet of Wilson trucking company as on 31^s^t December, 2015

Wilson Trucking Company
Balance sheet
As on December 31, 2015
Particulars Amount ($) Particulars Amount ($)
CURRENT ASSET

CURRENT LIABILITIES

Cash
$8,000.00
Accounts payable
$12,000.00
Accounts receivable
$17,500.00
Interest payable
$4,000.00
Office supplies
$3,000.00

$16,000.00

$28,500.00
NON CURRENT LIABILITIES

NON CURRENT ASSET

Long term notes payable
$53,000.00
Trucks $ 172,000

$69,000.00
Less: Accumulated Depreciation $36,000
$136,000.00
OWNER CAPITAL
Land
$85,000.00
Owners Capital
$180,500.00
TOTAL
$249,500.00 TOTAL
$249,500.00

Expert Solution & Answer

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Answer 4

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 4, Problem 12E

To determine

INTRODUCTION

In the classified balance sheet we represent the Asset and Liabilities in Current and Noncurrent. Current assets consist of resources that will be consumed within a year or the next accounting period. Current liabilities are any debts that become due in the next year or accounting period. Non-current or long-term liabilities, on the other hand, become due in more than one year. Non-current asset because it will provide benefits to the company for many future years. Owner’s capital is the Owners share representing owner’s capital after adjusting Net income and withdrawals as on balance sheet date

TO PREPARE:

We have to prepare the Balance sheet of Wilson trucking company as on 31^s^t December, 2015

Wilson Trucking Company
Balance sheet
As on December 31, 2015
Particulars Amount ($) Particulars Amount ($)
CURRENT ASSET

CURRENT LIABILITIES

Cash
$8,000.00
Accounts payable
$12,000.00
Accounts receivable
$17,500.00
Interest payable
$4,000.00
Office supplies
$3,000.00

$16,000.00

$28,500.00
NON CURRENT LIABILITIES

NON CURRENT ASSET

Long term notes payable
$53,000.00
Trucks $ 172,000

$69,000.00
Less: Accumulated Depreciation $36,000
$136,000.00
OWNER CAPITAL
Land
$85,000.00
Owners Capital
$180,500.00
TOTAL
$249,500.00 TOTAL
$249,500.00

Expert Solution & Answer

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Answer 5

Chapter 4, Problem 12E

To determine

INTRODUCTION

In the classified balance sheet we represent the Asset and Liabilities in Current and Noncurrent. Current assets consist of resources that will be consumed within a year or the next accounting period. Current liabilities are any debts that become due in the next year or accounting period. Non-current or long-term liabilities, on the other hand, become due in more than one year. Non-current asset because it will provide benefits to the company for many future years. Owner’s capital is the Owners share representing owner’s capital after adjusting Net income and withdrawals as on balance sheet date

TO PREPARE:

We have to prepare the Balance sheet of Wilson trucking company as on 31^s^t December, 2015

Wilson Trucking Company
Balance sheet
As on December 31, 2015
Particulars Amount ($) Particulars Amount ($)
CURRENT ASSET

CURRENT LIABILITIES

Cash
$8,000.00
Accounts payable
$12,000.00
Accounts receivable
$17,500.00
Interest payable
$4,000.00
Office supplies
$3,000.00

$16,000.00

$28,500.00
NON CURRENT LIABILITIES

NON CURRENT ASSET

Long term notes payable
$53,000.00
Trucks $ 172,000

$69,000.00
Less: Accumulated Depreciation $36,000
$136,000.00
OWNER CAPITAL
Land
$85,000.00
Owners Capital
$180,500.00
TOTAL
$249,500.00 TOTAL
$249,500.00

Answer 6

Chapter 4, Problem 12E

To determine

INTRODUCTION

In the classified balance sheet we represent the Asset and Liabilities in Current and Noncurrent. Current assets consist of resources that will be consumed within a year or the next accounting period. Current liabilities are any debts that become due in the next year or accounting period. Non-current or long-term liabilities, on the other hand, become due in more than one year. Non-current asset because it will provide benefits to the company for many future years. Owner’s capital is the Owners share representing owner’s capital after adjusting Net income and withdrawals as on balance sheet date

TO PREPARE:

We have to prepare the Balance sheet of Wilson trucking company as on 31^s^t December, 2015

Wilson Trucking Company
Balance sheet
As on December 31, 2015
Particulars Amount ($) Particulars Amount ($)
CURRENT ASSET

CURRENT LIABILITIES

Cash
$8,000.00
Accounts payable
$12,000.00
Accounts receivable
$17,500.00
Interest payable
$4,000.00
Office supplies
$3,000.00

$16,000.00

$28,500.00
NON CURRENT LIABILITIES

NON CURRENT ASSET

Long term notes payable
$53,000.00
Trucks $ 172,000

$69,000.00
Less: Accumulated Depreciation $36,000
$136,000.00
OWNER CAPITAL
Land
$85,000.00
Owners Capital
$180,500.00
TOTAL
$249,500.00 TOTAL
$249,500.00

Answer 7

Chapter 4, Problem 12E

To determine

INTRODUCTION

In the classified balance sheet we represent the Asset and Liabilities in Current and Noncurrent. Current assets consist of resources that will be consumed within a year or the next accounting period. Current liabilities are any debts that become due in the next year or accounting period. Non-current or long-term liabilities, on the other hand, become due in more than one year. Non-current asset because it will provide benefits to the company for many future years. Owner’s capital is the Owners share representing owner’s capital after adjusting Net income and withdrawals as on balance sheet date

TO PREPARE:

We have to prepare the Balance sheet of Wilson trucking company as on 31^s^t December, 2015

Wilson Trucking Company
Balance sheet
As on December 31, 2015
Particulars Amount ($) Particulars Amount ($)
CURRENT ASSET

CURRENT LIABILITIES

Cash
$8,000.00
Accounts payable
$12,000.00
Accounts receivable
$17,500.00
Interest payable
$4,000.00
Office supplies
$3,000.00

$16,000.00

$28,500.00
NON CURRENT LIABILITIES

NON CURRENT ASSET

Long term notes payable
$53,000.00
Trucks $ 172,000

$69,000.00
Less: Accumulated Depreciation $36,000
$136,000.00
OWNER CAPITAL
Land
$85,000.00
Owners Capital
$180,500.00
TOTAL
$249,500.00 TOTAL
$249,500.00

Answer 8

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Answer 9

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Answer 10

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Answer 11

Ch. 4 - Prob. 1DQ Ch. 4 - Prob. 2DQ Ch. 4 - Prob. 3DQ Ch. 4 - Prob. 4DQ Ch. 4 - Prob. 5DQ Ch. 4 - Prob. 6DQ Ch. 4 - 7. Why are the debit and credit entries in the...Ch. 4 - Prob. 8DQ Ch. 4 - Prob. 9DQ Ch. 4 - Prob. 10DQ

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Wilson Trucking Company
Balance sheet
As on December 31, 2015
Particulars	Amount ($)	Particulars	Amount ($)
CURRENT ASSET		CURRENT LIABILITIES
Cash	$8,000.00	Accounts payable	$12,000.00
Accounts receivable	$17,500.00	Interest payable	$4,000.00
Office supplies	$3,000.00		$16,000.00
	$28,500.00	NON CURRENT LIABILITIES
NON CURRENT ASSET		Long term notes payable	$53,000.00
Trucks $ 172,000			$69,000.00
Less: Accumulated Depreciation $36,000	$136,000.00	OWNER CAPITAL
Land	$85,000.00	Owners Capital	$180,500.00
TOTAL	$249,500.00	TOTAL	$249,500.00