Problem: 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