Use the above adjusted trial balance to prepare Wilson Trucking Company’s classified balance sheet as of December 31, 2017.Account Title Debit Credit Cash $7,700 Accounts receivable 29,000 Office supp
Question:
| Account Title | Debit | Credit |
|---|---|---|
| Cash | $7,700 | |
| Accounts receivable | 29,000 | |
| Office supplies | 7,948 | |
| Trucks | 182,000 | |
| Accumulated depreciation-trucks | $37,492 | |
| Land | 41,000 | |
| Accounts payable | 11,700 | |
| Interest payable | 9,000 | |
| Long-term notes payable | 46,000 | |
| K. Wilson, Capital | 205,836 | |
| K. Wilson, Withdrawals | 50,000 | |
| Trucking fees earned | 123,000 | |
| Depreciation expense-trucks | 24,182 | |
| Salaries expense | 67,771 | |
| Office supplies expense | 11,000 | |
| Repairs expense-trucks | 12,427 | |
| Totals | $443,028 | $433,028 |
Use the above adjusted trial balance to prepare Wilson Trucking Company’s classified balance sheet as of December 31, 2017.
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- Cash: $7,700
- Accounts receivable: $29,000
- Office supplies: $7,948
- Trucks: $182,000
- Less: Accumulated depreciation-trucks: $37,492
- Land: $41,000
Total Assets: $230,156 Liabilities and Owner's Equity- Accounts payable: $11,700
- Interest payable: $9,000
- Long-term notes payable: $46,000
- K. Wilson, Capital: $205,836
- K. Wilson, Withdrawals: $50,000
Total Liabilities and Owner's Equity: $322,536 Explanation: A classified balance sheet is a financial statement that presents a company's assets, liabilities, and owner's equity in separate categories that provide more information about the company's financial position. In this case, we have the adjusted trial balance as a starting point for the balance sheet. The assets are listed in order of liquidity or how easily they can be converted into cash. The liabilities and owner's equity are listed in the order in which they must be paid or settled. The total of the assets must equal the total of the liabilities and owner's equity. From the adjusted trial balance, we can identify the different categories of assets such as current assets (cash, accounts receivable, and office supplies), property, plant and equipment (trucks and land), and accumulated depreciation, which is a contra asset account that reduces the value of the trucks. The liabilities and owner's equity categories include current liabilities (accounts payable and interest payable), long-term liabilities (long-term notes payable), and owner's equity (K. Wilson, Capital and K. Wilson, Withdrawals). The owner's equity section shows how much owner's equity is in the business after considering the owner's investments, withdrawals, and net income. The classified balance sheet shows that Wilson Trucking Company has total assets of $230,156 and total liabilities and owner's equity of $322,536, which means that the company has a negative working capital. Overall, the balance sheet provides a snapshot of the company's financial health and resources for December 31, 2017.