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.

2017Balance Sheet

$8,000    Cash

$17,500    Accounts Receivable

$3,000    Office Supplies

$28,500  TOTAL CURRENT ASSETS  

$ 172,000Trucks

-$ 36,000Accum Depreciation

$ 85,000Land

$221,000TOTAL NON CURRENT ASSETS  

$249,500TOTAL 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  

$160,500Retained Earnings  

$180,500TOTAL EQUITY  

$249,500TOTAL EQUITY + LIABILITIES  

Explanation:

Wilson      Income Statement

$130,000Sales  

-$23,500Depreciation

$106,500MARGEN 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

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  

answer; the correct answer to the above statement is (true);

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