Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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 Debit $ 8,900 Credit 18,400 3,900 181,000 $ 36,900 94,000 14,700 Interest payable Long-term notes payable Common stock Retained earnings Dividends Trucking revenue Depreciation expense-Trucks Salaries expense Office supplies expense Interest expense Totals 4,900 62,500 34,500 144,500 20,900 139,000 24,400 63,700 8,900 12,900 $ 437,000 $ 437,000 Prepare Wilson Trucking Company's classified balance sheet as of December 31. The Retained Earnings account balance was $144,500 at December 31 of the prior year. Current assets Cash Accounts receivable Office supplies Total current assets Answer is not complete. WILSON TRUCKING COMPANY Balance Sheet December 31 Assets $ 8,900 18,400 3,900 $ 31,200 Plant assets Trucks $ 181,000 Accumulated depreciation-Trucks (36,900) 144,100 Total plant assets Total assets 144,100 $ 175,300 Liabilities Current liabilities Accounts payable Interest payable Total current liabilities Long-term liabilities Long-term notes payable Total liabilities Common stock Retained earnings Total equity Total liabilities and equity $ 14,700 4,900 $ 19,600 62,500 $ 82,100 Equity 34,500 123,600 $ 158,100 $ 240,200
Step 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