Answered step by step
Verified Expert Solution
Question
1 Approved Answer
IM NOT SURE WHERE I MESSED UP PLEASE LET ME KNOW WHERE AND HOW YOU GOT IT. THANK YOU $ Account Title Cash Accounts receivable
IM NOT SURE WHERE I MESSED UP PLEASE LET ME KNOW WHERE AND HOW YOU GOT IT. THANK YOU
$ Account Title Cash Accounts receivable office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable K. Wilson, Capital K. Wilson, Withdrawals Trucking fees earned Depreciation expense-Trucks Salaries expense office supplies expense Repairs expense-Trucks Debit Credit 7,400 16,000 6,820 179,000 $ 36,874 44,000 11,400 13,000 34,000 154,550 28,000 128,000 23,784 58,156 4,000 10,664 Totals $ 377,824 $ 377,824 Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31, 2017. WILSON TRUCKING COMPANY Balance Sheet December 31, 2017 Assets Current assets Cash $ Accounts receivable Office supplies 7,400 16,000 6,820 $ 30,220 Total current assets Plant assets Trucks $ 179,000 Accumulated depreciationTrucks 179,000 Land Total plant assets 44,000 223,000 253,220 Total assets Liabilities Current liabilities Accounts payable Interest payable $ 11,400 13,000 24,400 Total current liabilities Long-term liabilities Long-term notes payable 34,000 Total liabilities 58,400 Equity K. Wilson, Capital 154,550 28,000 K. Wilson, Withdrawals Total liabilities and equity $ 240,950Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started