Preparing a classified balance sheet L.O. C4
| Account Title |
Debit |
Credit |
| Cash |
$ |
7,600 |
|
|
| Accounts receivable |
|
14,500 |
|
|
| Office supplies |
|
7,590 |
|
|
| Trucks |
|
186,000 |
|
|
| Accumulated depreciation%u2014Trucks |
|
|
$ |
38,316 |
| Land |
|
48,000 |
|
|
| Accounts payable |
|
|
|
11,600 |
| Interest payable |
|
|
|
9,000 |
| Long-term notes payable |
|
|
|
53,000 |
| Common stock |
|
|
|
17,000 |
| Retained earnings |
|
|
|
154,078 |
| Dividends |
|
36,000 |
|
|
| Trucking fees earned |
|
|
|
128,000 |
| Depreciation expense%u2014Trucks |
|
24,714 |
|
|
| Salaries expense |
|
64,722 |
|
|
| Office supplies expense |
|
10,000 |
|
|
| Repairs expense%u2014Trucks |
|
11,868 |
|
|
|
|
|
|
|
| Totals |
$ |
410,994 |
$ |
410,994 |
|
|
|
|
|
|
Use the above adjusted trial balance to prepare Webb Trucking Companys classified balance sheet as of December 31, 2011.
Asset
Current Assets
total current Asset
Plan Assets
total Plan Assets
Total Assets
Liabilities
Current Liabilities
total current liabilities
total liabilities
Equity
Total equity
Total liabilities and Equity