Account Title Debit Credit Cash Accounts receivable Office aupplies Trucks Accun

Question

Account Title Debit Credit Cash Accounts receivable Office aupplies Trucks Accunul ated depreciation- Trucks Land Accounts payable Interest payable Long-tern notes payable . Vileon. Capital K. Wilson. Vithdravals Trucking fees eared Depreci ation expense Trucks Salaries expense Office aupplies expense Repairs expense Trucks Totals 21, 500 T. 425 193, 000 39, 758 41,000 9, 800 3, 000 40, 000 202, 736 125, 000 25, 644 63, 316 8, 000 1. 610 $420, 294 $420,294 Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31, 2017

Explanation / Answer

Wilson Trucking Company Balance Sheet For the Year Ended Dec 31, 2017 Assets Current Assets Cash $5,800.00 Accounts Receivable $21,500.00 Office Supplies $7,425.00 Total Current Asset $34,725.00 Property Plant Equipment Land $41,000.00 Truck $1,93,000.00 Less: Accumulated Dep. $39,758.00 $1,53,242.00 Total Property Plant & Equipment $1,94,242.00 Total Assets $22,28,967.00 Liabilities & Stockholders' Equity Current Liabilities Accounts Payable $9,800.00 Interest Payable $3,000.00 Total Current Liabilities $12,800.00 Long-Term Liabilities Notes Payable $40,000.00 Total Liabilities $52,800.00 Stockholders' Equity K's Capital $2,02,736.00 K's Wilson Withdrawl -$43,000.00 Net income $16,431.00 Total Stockholders' Equity $1,76,167.00 Total Liabilities & Stockholders' Equity $2,28,967.00 Income Statement Trucking Fees earned 125000 Les:: Salaries Expense 63315 Office Supplies Expense 8000 Repair Expense 11610 Depreciation Expense 25644 108569 Net Income 16431

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