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Preparing a classified balance sheet

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Preparing a classified balance sheet;Exercise 3-12 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 Trucks 11,868;Totals $ 410,994 $ 410,994;P.S: the company is authorized 20,000 shares of Common stock but issued 17,000 shares.;The common stock per is $1.;a. Use the above adjusted trial balance to prepare Webb Trucking Company classified balance sheet as of December 31, 2011.;b. Use the above adjusted trial balance to prepare Webb Trucking Company classified balance sheet as of December 31, 2011, knowing that the company was authorized 5,000 shares of preferred stock, of which it issued 1,000 shares during 2011, the par value of the preferred stock is $5 and was sold for $20.

 

Paper#28475 | Written in 18-Jul-2015

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