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Exercise 3-12 Preparing a classified balance sheet

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Question;Exercise 3-12 Preparing a classified balance sheet L.O. C4Account TitleDebitCreditCash$7,600Accounts receivable14,500Office supplies7,590Trucks186,000Accumulated depreciation%u2014Trucks$38,316Land48,000Accounts payable11,600Interest payable9,000Long-term notes payable53,000Common stock17,000Retained earnings154,078Dividends36,000Trucking fees earned128,000Depreciation expense%u2014Trucks24,714Salaries expense64,722Office supplies expense10,000Repairs expense%u2014Trucks11,868Totals$410,994$410,994Use the above adjusted trial balance to prepare Webb Trucking Company%u2019s classified balance sheet as of December 31, 2011.AssetCurrent Assetstotal current AssetPlan Assetstotal Plan AssetsTotal AssetsLiabilitiesCurrent Liabilitiestotal current liabilitiestotal liabilitiesEquityTotal equityTotal liabilities and Equity

 

Paper#40176 | Written in 18-Jul-2015

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