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    Webb Trucking Company

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    Use the following adjusted trial balance of Webb Trucking Company to prepare a classified balance sheet as of Decmenber 31, 2005

    Account Title Debit Credit
    Cash............................$7,000
    Accounts receivable.............16,500
    Office supplies..................2,000
    Trucks..........................170,000
    Accumulated depreciation-Trucks.........................$35,000
    Land.............................75,000
    Accounts payable.........................................11,000
    Interest payable..........................................3,000
    Long-term notes payable..................................52,000
    K.Webb, Capital.........................................161,000
    K.Webb, Withdrawals..............19,000
    Trucking fees earned....................................128,000
    Depreciation expense-Trucks......22,500
    Salaries expense.................60,000
    Office supplies expense...........7,000
    Repairs expense-Trucks...........11,000
    Totals..........................$390,000................$390,000

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    https://brainmass.com/business/financial-statements/webb-trucking-company-200158

    Solution Preview

    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 ...

    Solution Summary

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

    $2.19

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