Question
The following adjusted year-end balance at December 31 of Wilson Trucking Company. Account Title Debit / Credit Cash $9300 Accounts Receivable 16,500 Office Supplies 2,000
The following adjusted year-end balance at December 31 of Wilson Trucking Company.
Account Title Debit / Credit
Cash $9300
Accounts Receivable 16,500
Office Supplies 2,000
Trucks 170,000
Accumulated depreciation-trucks $35,020
Land 75,000
Accounts payable 13,300
Interest payable 3,000
Long-term notes payable 52,000
Common stock 32,228
Retained earnings 137,000
Dividends 19,000
Trucking revenue 112,000
Depreciation expense-Trucks 22,588
Salaries expense 52,528
Office supplies expense 8,000
Repairs expense-Trucks 9,632
Totals $384,548 $384,548
Required:
Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31. The Retained Earnings account balance was $137,000 at December 31 of the prior year.
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