required:

Prepare a classified balance sheet.

Question 1 Use the following adjusted trial balance of Hanson Trucking Company to prepare a classified balance sheet as of December 31, 2020 Credit Debit $ 13,700 30,300 3,800 177,000 $ 46,700 282,000 Account Title Cash Accounts receivable office supplies Trucks Accumulated depreciation, trucks Land Accounts payable Interest payable Long-term notes payable (due in 4 years) Stanley Hanson, capital Stanley Hanson, withdrawals Trucking revenue Depreciation expense, trucks Salaries expense Office supplies expense Repairs expense, trucks Total 31,700 470 159,000 213, 130 19,700 175,000 23,200 61,500 7,200 7,600 $626,000 $626,000 HANSON TRUCKING COMPANY Balance Sheet December 31, 2020 Assets Current assets: Cash Accounts receivable Office supplies $ 13,700 30,300 3,800 $ 47,800 $ 282,000 Total current assets Property, plant and equipment: Land Trucks Less: Accumulated depreciation Total property, plant and equipment Total assets 177,000 23,500 153,500 $ 435,000 $ 482,800 Liabilities Current liabilities: Accounts payable Interest payable $ 31,700 470 $ 32,170 Total current liabilities Non-Current Liabilities: Long term Notes payable 159,000 Total non-current liabilities: Total liabilities $ 159,000 $191,170 Equity Stanley Hanson, capital 292,230 Total liabilities and equity $ 483,400