Exercise 3 9 preparing a classified balance sheet lo c3


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Account TitleDebit CreditCash$8,000 Accounts receivable 17,500 Office supplies 3,000 Trucks 172,000 Accumulated depreciation—Trucks $36,000 Land 85,000 Accounts payable 12,000 Interest payable 4,000 Long-term notes payable 53,000 Common stock 20,000 Retained earnings 155,000 Dividends 20,000 Trucking fees earned 130,000 Depreciation expense—Trucks 23,500 Salaries expense 61,000 Office supplies expense 8,000 Repairs expense—Trucks 12,000 Totals$410,000 $410,000 Use the above adjusted trial balance to prepare Wilson Trucking Company’s classified balance sheet as of December 31, 2017.

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Answer:

2017 Balance Sheet

$8,000     Cash

$17,500    Accounts Receivable

$3,000     Office Supplies

$28,500   TOTAL CURRENT ASSETS  

$ 172,000 Trucks

-$ 36,000 Accum Depreciation

$ 85,000 Land

$221,000 TOTAL NON CURRENT ASSETS  

$249,500 TOTAL ASSETS  

$12,000   Accounts Payable  

$4,000     Interest Payable  

$16,000    TOTAL CURRENT LIABILITIES  

$53,000    Long Term Notes Payable  

$53,000  TOTAL NON CURRENT LIABILITIES  

$69,000   TOTAL LIABILITIES  

$20,000  Common Stock  

$160,500 Retained Earnings  

$180,500 TOTAL EQUITY  

$249,500 TOTAL EQUITY + LIABILITIES  

Explanation:


  • To complete the balance it's necessary to have the Income Statement of the company and deduct of the Net Income the Dividends Paid and the balance add to the Retained Earnings.
  • The total value of retained earnings it's: $160,500

Wilson      Income Statement

$130,000 Sales  

-$23,500 Depreciation

$106,500 MARGEN BRUTO

-$61,000  Salaries Expenses

-$8,000   Office Expenses

-$12,000  Repairs Expenses

$25,500  EBIT

Retained Earnings Report  

Opening retained earnings    $ 155,000

Add: Net Income                     $ 25,500

Subtotal                                   $ 180,500

Less: Dividens                         -$ 20,000

Ending retained earnings      $ 160,500

  • The balance accounts are orginized as follows

Account of Current Assets , the criteria is to have a liquidity speed less of one year  

Cash  

Accounts Receivable  

Office Supplies  

Account of Non Current Assets , the criteria is to have a liquidity speed more than one year and are known as fixed assets  

Trucks  

Accum Depreciation  

Land  

Account of Current Liabilities , the criteria is to have a liquidity speed less of one year  

Accounts Payable  

Interest Payable  

Account of Non Current Liabilities, the criteria is to have a liquidity speed more than one year and are known as long term financing  

Long Term Notes Payable  

Account of Total Equity  

Common Stock  

Retained Earnings  


Do you know the better answer?

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