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Webb Trucking Company

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The problem is attached and the answer is to be submitted in Excel. Please help with understanding where each transaction is suppose to be and how it is calculated.

See attached file for full problem description.

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Solution Summary

The solution explains how to prepare a classified balance sheet given the adjusted trial balance

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Please see the attached file.

The balance sheet items are on the top part of the trial balance and usually end before revenue.
Starting with revenue and below we have income statement items.

WEBB TRUCKING COMPANY
Balance Sheet
31-Dec-05
Assets
Current assets
Cash $7,000
Accounts receivable 16,500
Office supplies 2,000
Total current ...

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