Question

The following is the adjusted year-end trial balance at December 31, 2018, of Wilson Trucking Company. Account Title Debit Credit Cash $ 9,400 Accounts receivable 18,100 Office supplies 2,300 Trucks 175,000 Accumulated depreciation—Trucks $ 34,000 Land 68,000 Accounts payable 12,900 Interest payable 3,400 Long-term notes payable 43,000 Common stock 21,200 Retained earnings, December 31, 2017 159,000 Dividends 20,100 Trucking fees earned 131,000 Depreciation expense—Trucks 23,400 Salaries expense 69,000 Office supplies expense 8,100 Repairs expense—Trucks 11,100 Totals $ 404,500 $ 404,500 Use the above adjusted trial balance to prepare Wilson Trucking Company’s classified balance sheet as of December 31, 2018.

Answer 1

Working :-

$9400 $18100 42300 4029800 Wilson Trucking Company Classified Balance Sheet as o vecember 31, 2018 Assets Current Assets, Cash Accounts deekeivable ... office supplies - - Taket Current Assets i Plant Assets Trucks |$175000 Accumulated Depreciations - Poucks 07340,00) Land - Total Plant Assets Total Assets Liabilities Current Liabilities I Accounts payable Interest Payable A Total Cuissent Liabilities Long-term Liabilities & Long term notes- payable - Total Liabilities Equity 1 Retained Earnings Common stock astal Liabilities and Equity $141,000,- $68,000 $209ooo $238,800 $12900 43400 $16,300 |$43000 59,300 $158,300 $211200 238,800

Net income :- $131,000 - $23,400 - $69,000 - $8,100 - $11,100 = $19,400

Retained Earning :- $159,000 + $19,400 - $20,100 = $158,300

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