Question

Required information [The following information applies to the questions displayed below.] The following is the adjusted year-end trial balance at December 31, 2018, of Wilson Trucking Company Account Title Debit Credit Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings, December 31, 2017 Dividends Trucking fees earned Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense Trucks Totals $ 9,100 16,900 2,000 166,000 $ 29,000 74,300 11,900 4,700 62,000 19,100 150,000 21,000 120,000 23,000 64,000 8,600 11,800 $396,700 $396,700 Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31, 2018

Answer 1

Balance sheet

ASSETS
Current assets
Cash	9100
Account receivable	16900
Office supplies	2000
Total Current assets	28000
Non Current assets
Land	74300
Truck	166000
Less: Accumulated depreciation-truck	-29000
Total Non Current assets	211300
Total Assets	239300
LIABILITIES AND STOCKHOLDER'S EQUITY
Current liabilities
Account payable	11900
Interest payable	4700
Total current liabilities	16600
Long term liabilities
Long term notes payable	62000
Total liabilities	78600
Stockholder's equity
Common Stock	19100
Retained earnings	141600
Total Stockholder's equity	160700
Total liabilities and stockholder's equity	239300