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Required information [The following information applies to the questions displayed below.] The following adjusted trial balance at December 31 of Wilson Trucking Company. Account Title
Required information [The following information applies to the questions displayed below.] The following adjusted trial balance at December 31 of Wilson Trucking Company. 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 revenue Depreciation expense Trucks Salaries expense Office supplies expense Interest expense Totals Debit $ 8,000 17,500 3,000 172,000 Credit $ 36,000 85,000 12,000 4,000 58,000 30,000 140,000 20,000 130,000 23, 500 61,000 8,000 12,000 $ 410,000 $ 410,000 Prepare Wilson Trucking Company's classified balance sheet as of December 31. The Retained Earnings account balance was $140,000 at December 31 of the prior year. Current assets Cash Accounts receivable Office supplies Total current assets Plant assets Trucks Assets Accumulated depreciation-Trucks Total plant assets Total assets Current liabilities Accounts payable Interest payable Total current liabilities Long-term liabilities Long-term notes payable $ 8,000 17,500 3,000 $ 28,500 $ 172,000 36,000 136,000 136,000 $ 164,500 Liabilities $ 12,000 4,000 $ 16,000 58,000 Total liabilities $ 74,000 Equity Common stock Retained earnings 30,000 140,000 Total equity Total liabilities and equity $ 170,000 $ 244,000
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