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