Answer:
.............................................. Wilson Trucking Company ......................................
................................................ Classified Balance Sheet ......................................
....................................................... December 31, 2017.........................................
Assets
Current assets
Cash .................................................... $5,900
Account receivable ............................ $27,500
Office supplies....................................<u>. $7,590 </u>
Total current assets ............................................. $40,990
Non current assets
Land ......................................................................... $48,000
Truck ..................................................... $196,000
Less: Accumlated depreciation - Truck $(40,376) $155,624
Total Non current assets ......................................... $203,624
Total Assets ............................................................... $244,614
Liabilities
Current Liabilities
Account payable................................. $9,900
Interest payable ................................. <u>$7,000 </u>
Total current liabilities............................................... $16,900
Long term liabilities
Long term notes payable.......................................... $63,000
Total liabilities............................................................. $79,900
Stockholder's equity
Common Stock ................................... $15,000
Retained earnings............................... $<u>149,714 </u>
Total Stockholder's equity......................................... $164,714
Total liabilities and stockholder's equity.................. $244,614
Retained Earnings
= Opening retained earnings + Net Income - Dividends
Net Income
= Revenue - Expenses
= 126,000 (Trucking fees earned ) - 26,043 - 64,722 - 17,000 - 11,868
= $6,367
Retained earnings
= 172,347 + 6,367 - 29,000
= $149,714
