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s2008m [1.1K]
3 years ago
5

Account Title Debit Credit Cash $ 6,400 Accounts receivable 24,500 Office supplies 7,700 Trucks 186,000 Accumulated depreciation

—Trucks $ 38,316 Land 47,000 Accounts payable 10,400 Interest payable 13,000 Long-term notes payable 46,000 Common stock 25,298 Retained earnings 138,000 Dividends 13,000 Trucking fees earned 121,000 Depreciation expense—Trucks 24,714 Salaries expense 65,660 Office supplies expense 5,000 Repairs expense—Trucks 12,040 Totals $ 392,014 $ 392,014 Use the above adjusted trial balance to prepare Wilson Trucking Company’s classified balance sheet as of December 31.
Business
1 answer:
olga nikolaevna [1]3 years ago
4 0

Answer:

TOTAL CURRENT ASSETS  $38,600

TOTAL ASSETS  $233,284

TOTAL CURRENT LIABILITIES  $23,400

TOTAL LIABILITIES  $69,400

TOTAL EQUITY  $163.884

TOTAL EQUITY & LIABILITIES  $233.284

Explanation:

It's necessary to start by preparing the balance sheets with the information available, as result we have a difference in the accounting equation of $0,586 because it's necessary to prepare the income statement to define how much of the income it's keep as retained earnings.

Balance Sheets.

Assets Dec 31

Cash $6,400

Accounts Receivable $24,500

Supplies $7,700

TOTAL CURRENT ASSETS  $38,600

Property and Equipment $186,000

Accumulated Depreciaiton -$38,316

Land $47,000

TOTAL ASSETS  $233,284

Accounts Payable  $10,400

Interest Payable  $13,000

TOTAL CURRENT LIABILITIES  $23,400

Long Term Notes Payables  $46,000

TOTAL LIABILITIES  $69,400

Common Stock  $25,298

<u>Retained Earnings  ($138,000 + 0,586)=138,586</u>

TOTAL EQUITY  $163,884

TOTAL EQUITY & LIABILITIES  $233,284

Income Statement  

Sales $121,000  

Depreciation -$24,714  

MARGEN BRUTO  $96,286  

Salaries expense -$65,660  

Office supplies expense -$5,000  

Other Income  -$12,040  

Income Statement  $13,586  

Dividends  $13,000  

Retained Earnings = $0,586

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