Following is the adjusted trial balance of Wilson Trucking Company Use the above
ID: 2610885 • Letter: F
Question
Following is the adjusted trial balance of Wilson Trucking Company
Use the above adjusted trial balance to prepare Wilson Trucking Company’s classified balance sheet as of December 31, 2016
Account Title Debit Credit Cash $ 5,400 Accounts receivable 29,000 Office supplies 6,573 Trucks 161,000 Accumulated depreciation—Trucks $ 33,166 Land 42,000 Accounts payable 9,400 Interest payable 20,000 Long-term notes payable 60,000 Common stock 23,624 Retained earnings 94,498 Dividends 17,000 Trucking fees earned 124,000 Depreciation expense—Trucks 21,392 Salaries expense 56,046 Office supplies expense 16,000 Repairs expense—Trucks 10,277 Totals $ 364,688 $ 364,688Explanation / Answer
Wilson Trucking Company
Balance sheet
December 31, 2016
Note 1:- Calculation of Retained Earnings
ASSETS Amount ($) Amount ($) Current Assets:- Cash $5400 Accounts Receivable $29000 Office Supplies $6573 Total Current Assets (A) $40973 Plant Assets:- Trucks $161,000 Less: Accumulated Depreciation - Trucks ($33166) $127,834 Land $42000 Total plant Assets (B) $169,834 Total Assets (A) + (B) $210,807 Liabilities : Current Liabilities :- Account Payable $9400 Interest Payable $20000 Total Current Liabilities (A) $29400 Long Term Liabilities:- Long Term Notes Payable (B) $60000 Total Liabilities (C) = (A) + (B) $89400 Equity:- Retained Earnings (Refer Note 1) (D) $97783 Common Stock (E) $23624 Total Liabilities and Equity (C + D + E) $210,807