Question

The following adjusted year-end trial balance at December 31 of Wilson Trucking Company.

Account Title	Debit			Credit
Cash	$	9,800
Accounts receivable		16,500
Office supplies		2,000
Trucks		195,000
Accumulated depreciation—Trucks				$	40,170
Land		75,000
Accounts payable					13,800
Interest payable					3,000
Long-term notes payable					52,000
Common stock					38,828
Retained earnings					140,000
Dividends		19,000
Trucking revenue					142,500
Depreciation expense—Trucks		25,910
Salaries expense		66,833
Office supplies expense		8,000
Repairs expense—Trucks		12,255
Totals	$	430,298		$	430,298

Use the above-adjusted trial balance to prepare Wilson Trucking Company’s classified balance sheet as of December 31. The Retained Earnings account balance was $140,000 at December 31 of the prior year.

Answer 1

WILSON TRUCKING COMPANY
Balance sheet
December 31

Assets
Current assets
Cash		9800
Account receivable		16500
Office supplies		2000
Total Current assets			28300
Property, plant and equipment
Trucks	195000
Less: Accumulated depreciation—Trucks	-40170	154830
Land		75000
Total Property, plant and equipment			229830
Total assets			258130
Liabilities and stockholder's equity
Current liabilities
Account payable		13800
Interest payable		3000
Total Current liabilities			16800
Long term liabilities			52000
Total liabilities			68800
Stockholder's equity
Common Stock		38828
Retained earnings		150502
Total Stockholder's equity			189330
Total liabilities and stockholder's equity			258130