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Account TitleDebit CreditCash$8,000 Accounts receivable 17,500 Office supplies 3,000 Trucks 172,000 Accumulated depreciation—Trucks $36,000 Land 85,000 Accounts payable 12,000 Interest payable 4,000 Long-term notes payable 53,000 Common stock 20,000 Retained earnings 155,000 Dividends 20,000 Trucking fees earned 130,000 Depreciation expense—Trucks 23,500 Salaries expense 61,000 Office supplies expense 8,000 Repairs expense—Trucks 12,000 Totals$410,000 $410,000 Use the above adjusted trial balance to prepare Wilson Trucking Company’s classified balance sheet as of December 31, 2017.

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mltn1980

Answer:

2017 Balance Sheet

$8,000     Cash

$17,500    Accounts Receivable

$3,000     Office Supplies

$28,500   TOTAL CURRENT ASSETS  

$ 172,000 Trucks

-$ 36,000 Accum Depreciation

$ 85,000 Land

$221,000 TOTAL NON CURRENT ASSETS  

$249,500 TOTAL ASSETS  

$12,000   Accounts Payable  

$4,000     Interest Payable  

$16,000    TOTAL CURRENT LIABILITIES  

$53,000    Long Term Notes Payable  

$53,000  TOTAL NON CURRENT LIABILITIES  

$69,000   TOTAL LIABILITIES  

$20,000  Common Stock  

$160,500 Retained Earnings  

$180,500 TOTAL EQUITY  

$249,500 TOTAL EQUITY + LIABILITIES  

Explanation:

  • To complete the balance it's necessary to have the Income Statement of the company and deduct of the Net Income the Dividends Paid and the balance add to the Retained Earnings.
  • The total value of retained earnings it's: $160,500

Wilson      Income Statement

$130,000 Sales  

-$23,500 Depreciation

$106,500 MARGEN BRUTO

-$61,000  Salaries Expenses

-$8,000   Office Expenses

-$12,000  Repairs Expenses

$25,500  EBIT

Retained Earnings Report  

Opening retained earnings    $ 155,000

Add: Net Income                     $ 25,500

Subtotal                                   $ 180,500

Less: Dividens                         -$ 20,000

Ending retained earnings      $ 160,500

  • The balance accounts are orginized as follows

Account of Current Assets , the criteria is to have a liquidity speed less of one year  

Cash  

Accounts Receivable  

Office Supplies  

Account of Non Current Assets , the criteria is to have a liquidity speed more than one year and are known as fixed assets  

Trucks  

Accum Depreciation  

Land  

Account of Current Liabilities , the criteria is to have a liquidity speed less of one year  

Accounts Payable  

Interest Payable  

Account of Non Current Liabilities, the criteria is to have a liquidity speed more than one year and are known as long term financing  

Long Term Notes Payable  

Account of Total Equity  

Common Stock  

Retained Earnings  

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