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Exercise 4-12 Preparing a classified balance sheet LO C3 Account Title Debit Credit Cash $ 8,500 Accounts receivable 11,500 Office supplies 6,903 Trucks 162,000 Accumulated depreciation—Trucks $ 33,372 Land 40,000 Accounts payable 12,500 Interest payable 9,000 Long-term notes payable 66,000 K
Exercise 4-12 Preparing a classified balance sheet LO C3
Account Title Debit Credit Cash $ 8,500 Accounts receivable 11,500 Office supplies 6,903 Trucks 162,000 Accumulated depreciation—Trucks $ 33,372 Land 40,000 Accounts payable 12,500 Interest payable 9,000 Long-term notes payable 66,000 K. Wilson, Capital 104,209 K. Wilson, Withdrawals 18,000 Trucking fees earned 127,000 Depreciation expense—Trucks 21,525 Salaries expense 58,860 Office supplies expense 14,000 Repairs expense—Trucks 10,793 Totals $352,081 $352,081
Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31.
Expert Solution
Workings:
Net Income = Trucking fees earned - Depreciation expense - Salaries expense - Office supplies expense - Repairs expense
= $127,000 - $21,525 - $58,860 - $14,000 - $10,793
Net Income = $21,822
K. Wilson Capital = Opening Balance of K. Wilson Capital Accounts - K. Wilson Withdrawals + Net Income
= 104,209 - 18,000 + 21,822
K. Wilson Capital = $108,031
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