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I need help with this balance sheet. I'm not quite sure what else I need to add. For some reason, the website will not let
I need help with this balance sheet. I'm not quite sure what else I need to add. For some reason, the website will not let me put land as an asset. I'm assuming it should be an asset.
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. Credit Debit $ 8,000 17,500 3,000 172,000 $ 36,000 85,000 Account Title Cash Accounts receivable office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings, December 31, 2017 Dividends Trucking fees earned Depreciation expense-Trucks Salaries expense office supplies expense Repairs expense-Trucks Totals 12,000 4,000 53,000 20,000 155,000 20,000 130,000 23,500 61,000 8,000 12,000 $410,000 $410,000 Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31, 2018. Answer is not complete. WILSON TRUCKING COMPANY Balance Sheet December 31, 2018 Assets Current assets Cash Accounts receivable Office supplies 8,000 17,500 3,000 $ 28,500 Total current assets Plant assets $ Trucks Accumulated depreciation- Trucks 172,000 (36,000) 136,000 Total plant assets Total assets 136,000 164,500 $ Liabilities Current liabilities Accounts payable Interest payable $ 12,000 4,000 16,000 Total current liabilities Long-term liabilities Long-term notes payable 80 53,000 Total liabilities 69,000 Equity Common stock Retained earnings 8 20,000 155,000 X Total equity Total liabilities and equity $ $ 175,000 244,000Step by Step Solution
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