Homework Answers
WILSON TRUCKING COMPANY
BALANCE SHEET
December 31
| Assets | ||
| Current assets | ||
| cash | 6800 | |
| Account receivable | 18000 | |
| Office supplies | 8113 | |
| Total Current assets | 32913 | |
| Property, plant and equipment | ||
| Truck | 170000 | |
| Less: Accumulated depreciation | -35020 | 134980 |
| Land | 48000 | |
| Total property, plant and equipment | 182980 | |
| Total assets | 215893 | |
| Liabilities and stockholder's equity | ||
| Current liabilities | ||
| Account payable | 10800 | |
| Interest payable | 4000 | |
| Total Current liabilities | 14800 | |
| Long term liabilities | ||
| Notes payable | 35000 | |
| Total liabilities | 49800 | |
| Stockholder's equity | ||
| Common Stock | 48544 | |
| Retained earnings | 117549 | |
| Total Stockholder's equity | 166093 | |
| Total liabilities and stockholder's equity | 215893 | |
Add Answer to:
Credit Debit $ 6,800 18,000 8,113 170,000 $ 35,020 48,000 Trucking fees earned Account Title Cash...
Cash Dividends Account Title Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Land Accounts payable Interest...
Cash Dividends Account Title Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings Trucking fees earned Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense-Trucks Totals Debit Credit $ 6,800 18,000 8,113 170,000 $ 35,020 48,000 10,800 4,000 35,000 48,544 140,000 38,000 130,000 22,588 69,178 10,000 12,685 $ 403,364 $403,364 Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31. WILSON...
Credit Debit $ 8,800 22,5ee 8,113 172,eee $ 35,432 45, eee Account Title Cash Accounts receivable...
Credit Debit $ 8,800 22,5ee 8,113 172,eee $ 35,432 45, eee Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings Dividends Trucking fees earned Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense-Trucks KO Totals 12, see 3, eee 31. eee 53,898 139, eee 19,000 124, eee 22,854 69,178 19, eee 12.685 - $399, 130 $399, 138 Use the above adjusted trial balance to prepare Wilson Trucking...
Account Title Debit Credit Cash $ 8,100 Accounts receivable 27,500 Office supplies 8,030 Trucks 163,000 Accumulated...
Account Title
Debit
Credit
Cash
$
8,100
Accounts receivable
27,500
Office supplies
8,030
Trucks
163,000
Accumulated depreciation—Trucks
$
33,578
Land
47,000
Accounts payable
12,100
Interest payable
2,000
Long-term notes payable
39,000
Common stock
38,640
Retained earnings
137,000
Dividends
27,000
Trucking fees earned
130,000
Depreciation expense—Trucks
21,658
Salaries expense
68,474
Office supplies expense
9,000
Repairs expense—Trucks
12,556
Totals
$
392,318
$
392,318
Use the above adjusted trial balance to prepare Wilson Trucking
Company’s classified balance sheet as of December
31.
...
Exercise 4-12 Preparing a classified balance sheet LO C3 Account Title Debit Credit Cash $ 6,900...
Exercise 4-12 Preparing a classified balance sheet LO C3 Account Title Debit Credit Cash $ 6,900 Accounts receivable 24,500 office supplies 7,480 Trucks 156,000 Accumulated depreciation Trucks $ 32,136 Land 48,000 Accounts payable 10,900 Interest payable 3,000 Long-term notes 60,000 payable x. Wilson, Capital 149,052 x. Wilson, 36,000 Withdrawals Trucking fees carned 125,000 Depreciation expense -Trucks 20,728 Salaries expense 63,784 office supplies expense 5,000 Repairs expense- Trucks 11,696 Totals $380,088 $380,086 Use the above adjusted trial balance to prepare Wilson...
The following adjusted year-end trial balance at December 31 of Wilson Trucking Company. Account Title Debit...
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...
Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term...
Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings Dividends Trucking fees earned Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense-Trucks Totals Debit Credit $ 8,600 12,500 6,683 153,000 $ 31,518 48,000 12,600 14,000 53,000 -25,573 140,000 19,000 122,000 20,329 56,984 12,000 10, 449 $347,545 $347,545 Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31. WILSON TRUCKING...
Credit Debit $ 7,600 24,000 7,975 162,000 $ 33,372 43,000 Account Title Cash Accounts receivable Office...
Credit Debit $ 7,600 24,000 7,975 162,000 $ 33,372 43,000 Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings Dividends Trucking fees earned Depreciation expense Trucks Salaries expense Office supplies expense Repairs expense-Trucks Totals 11,600 6,000 52,000 14,603 139,000 24,000 129,000 21,525 68,005 15,000 12,470 $385,575 $385,575 Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31. WILSON TRUCKING...
The following adjusted year-end trial balance at December 31 of Wilson Trucking Company. Account Title Debit...
The following adjusted year-end trial balance at December 31 of Wilson Trucking Company. Account Title Debit Credit Cash $ 9,000 Accounts receivable 16,500 Office supplies 2,000 Trucks 189,000 Accumulated depreciation—Trucks $ 38,934 Land 75,000 Accounts payable 13,000 Interest payable 3,000 Long-term notes payable 52,000 Common stock 35,880 Retained earnings 137,500 Dividends 19,000 Trucking fees earned 135,500 Depreciation expense—Trucks 25,112 Salaries expense 63,549 Office supplies expense 5,000 Repairs expense—Trucks 11,653 Totals $ 415,814 $ 415,814 The Retained Earnings account balance...
Exercise 4-12 Preparing a classified balance sheet LO C3 Account Title Debit Credit Cash $ 5,200...
Exercise 4-12 Preparing a classified balance sheet LO C3 Account Title Debit Credit Cash $ 5,200 Accounts receivable 12,000 Office supplies 6,738 Trucks 171,000 Accumulated $ 35, 226 depreciation-Trucks Land 40,000 Accounts payable 9,200 Interest payable 17,000 Long-term notes payable 64,000 K. Wilson, Capital 108,221 K. Wilson, Withdrawals 21,000 Trucking fees earned 125,000 Depreciation expense- 22,721 Trucks Salaries expense 57,453 Office supplies expense 12,000 Repairs expense-Trucks 10,535 Totals $ 358,647 $ 358,647 Use the above adjusted trial balance to prepare...
Credit Debit $ 10,000 26,000 7,893 187,000 $ 38,522 40,000 Account Title Cash Accounts receivable Office...
Credit Debit $ 10,000 26,000 7,893 187,000 $ 38,522 40,000 Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings Dividends Trucking fees earned Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense-Trucks Totals 14,000 16,000 55,000 42,861 135,000 45,000 122,000 24,847 67,302 3,000 12,341 $ 423,383 $ 423,383 Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of WILSON TRUCKING COMPANY...
Cash Dividends Account Title Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings Trucking fees earned Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense-Trucks Totals Debit Credit $ 6,800 18,000 8,113 170,000 $ 35,020 48,000 10,800 4,000 35,000 48,544 140,000 38,000 130,000 22,588 69,178 10,000 12,685 $ 403,364 $403,364 Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31. WILSON...
Credit Debit $ 8,800 22,5ee 8,113 172,eee $ 35,432 45, eee Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings Dividends Trucking fees earned Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense-Trucks KO Totals 12, see 3, eee 31. eee 53,898 139, eee 19,000 124, eee 22,854 69,178 19, eee 12.685 - $399, 130 $399, 138 Use the above adjusted trial balance to prepare Wilson Trucking...
Account Title
Debit
Credit
Cash
$
8,100
Accounts receivable
27,500
Office supplies
8,030
Trucks
163,000
Accumulated depreciation—Trucks
$
33,578
Land
47,000
Accounts payable
12,100
Interest payable
2,000
Long-term notes payable
39,000
Common stock
38,640
Retained earnings
137,000
Dividends
27,000
Trucking fees earned
130,000
Depreciation expense—Trucks
21,658
Salaries expense
68,474
Office supplies expense
9,000
Repairs expense—Trucks
12,556
Totals
$
392,318
$
392,318
Use the above adjusted trial balance to prepare Wilson Trucking
Company’s classified balance sheet as of December
31.
...
Exercise 4-12 Preparing a classified balance sheet LO C3 Account Title Debit Credit Cash $ 6,900 Accounts receivable 24,500 office supplies 7,480 Trucks 156,000 Accumulated depreciation Trucks $ 32,136 Land 48,000 Accounts payable 10,900 Interest payable 3,000 Long-term notes 60,000 payable x. Wilson, Capital 149,052 x. Wilson, 36,000 Withdrawals Trucking fees carned 125,000 Depreciation expense -Trucks 20,728 Salaries expense 63,784 office supplies expense 5,000 Repairs expense- Trucks 11,696 Totals $380,088 $380,086 Use the above adjusted trial balance to prepare Wilson...
Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings Dividends Trucking fees earned Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense-Trucks Totals Debit Credit $ 8,600 12,500 6,683 153,000 $ 31,518 48,000 12,600 14,000 53,000 -25,573 140,000 19,000 122,000 20,329 56,984 12,000 10, 449 $347,545 $347,545 Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31. WILSON TRUCKING...
Credit Debit $ 7,600 24,000 7,975 162,000 $ 33,372 43,000 Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings Dividends Trucking fees earned Depreciation expense Trucks Salaries expense Office supplies expense Repairs expense-Trucks Totals 11,600 6,000 52,000 14,603 139,000 24,000 129,000 21,525 68,005 15,000 12,470 $385,575 $385,575 Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31. WILSON TRUCKING...
Exercise 4-12 Preparing a classified balance sheet LO C3 Account Title Debit Credit Cash $ 5,200 Accounts receivable 12,000 Office supplies 6,738 Trucks 171,000 Accumulated $ 35, 226 depreciation-Trucks Land 40,000 Accounts payable 9,200 Interest payable 17,000 Long-term notes payable 64,000 K. Wilson, Capital 108,221 K. Wilson, Withdrawals 21,000 Trucking fees earned 125,000 Depreciation expense- 22,721 Trucks Salaries expense 57,453 Office supplies expense 12,000 Repairs expense-Trucks 10,535 Totals $ 358,647 $ 358,647 Use the above adjusted trial balance to prepare...
Credit Debit $ 10,000 26,000 7,893 187,000 $ 38,522 40,000 Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings Dividends Trucking fees earned Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense-Trucks Totals 14,000 16,000 55,000 42,861 135,000 45,000 122,000 24,847 67,302 3,000 12,341 $ 423,383 $ 423,383 Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of WILSON TRUCKING COMPANY...
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