Question
Use the information in the following adjusted trial balance for the Wilson Trucking Company. Account Title Debit Credit Cash $ 8,100 Accounts receivable 16,500 Office
Use the information in the following adjusted trial balance for the Wilson Trucking Company. Account Title Debit Credit Cash $ 8,100 Accounts receivable 16,500 Office supplies 2,000 Trucks 183,000 Accumulated depreciationTrucks $ 37,698 Land 75,000 Accounts payable 12,100 Interest payable 3,000 Long-term notes payable 52,000 K. Wilson, Capital 175,147 K. Wilson, Withdrawals 19,000 Trucking fees earned 123,000 Depreciation expenseTrucks 24,315 Salaries expense 57,687 Office supplies expense 6,765 Repairs expenseTrucks 10,578 Totals $ 402,945 $ 402,945 1. Calculate the current ratio. Assume that the industry average for the current ratio is 1.5.
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