Use the information in the adjusted trial balance reported in Exercise 14-1 to prepare Jones Trucking Company’s classified balance sheet as of December 31, 2008.

Exercise 14-1:

Use the following adjusted trial balance of Jones Trucking Company to prepare the (1) single-step income statement and (2) statement of owner’s equity, for the year ended December 31, 2008. The K. Jones, Capital account balance is \($185,000\) at December 31, 2007.

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Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Debit Credit $ 18,000 17,500 3,000 172,000 $ 36,000 85,000 Land... Accounts payable. 12,000 Interest payable 4,000 Long-term notes payable 53,000 K. Jones, Capital 185,000 K. Jones, Withdrawals 20,000 Trucking fees earned 130,000 Depreciation expense-Trucks 23,500 Salaries expense 61,000 Office supplies expense 8,000 Repairs expense-Trucks.. 12,000 Totals $420,000 $420,000