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Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31

Use the above adjusted trial balance to prepare Wilson Trucking Companys classified balance sheet as of December 31. Answer
Credit Debit $ 9,600 20,500 7,040 171,000 $ 35,226 41,000 Account Title Cash Accounts receivable Office supplies Trucks Accum
FINAL Land Total plant assets Total assets 135,774 172,914 Liabilities Current liabilities Accounts payable Interest payable
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Answer #1
WILSON TRUCKING COMPANY
Balance Sheet
December 31
Assets
Current Assets:
   Cash $9,600
   Accounts Receivable $20,500
   Office supplies $7,040
Total current assets $37,140
Plant assets
   Trucks $171,000
   Accumulated depreciation - Trucks $35,226 $135,774
   Land $41,000
Total plant assets   [$135,774 + $41,000] $176,774
Total assets           [$37,140 + $176,774] $213,914
Liabilities
Current liabilities
   Accounts Payable $13,600
   Interest payable $12,000
Total current liabilities $25,600
Long-term liabilities
   Long-term notes payable $50,000
Total liabilities    [$25,600 + $50,000] $75,600
Equity
   Common Stock $2,075
   Retained Earnings                  [Refer statement of retained earnings] $136,239
Total equity                                     [$2,075 + $136,239] $138,314
Total Liabilities and Equity           [$75,600 + $138,314] $213,914

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WILSON TRUCKING COMPANY
Statement of Retained Earnings
For Year Ended December 31
Retained Earnings, January 01 $135,000
Add: Net income    [Refer income statement] $14,239
$149,239
Less: Dividends $13,000
Retained Earnings, December 31 $136,239

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WILSON TRUCKING COMPANY
Income Statement
For Year Ended December 31
Revenue:
   Trucking fees earned $124,000
Expenses:
   Depreciation expense - Trucks $22,721
   Salaries Expense $60,032
   Office supplies expense $16,000
   Repairs expense - Trucks $11,008
        Total expenses   $109,761
Net income                 [$124,000 - $109,761] $14,239
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