Preparing a classified balance sheet L.O. C4
| Account Title |
Debit |
Credit |
| Cash |
$ |
7,600 |
|
|
| Accounts receivable |
|
14,500 |
|
|
| Office supplies |
|
7,590 |
|
|
| Trucks |
|
186,000 |
|
|
| Accumulated depreciation%u2014Trucks |
|
|
$ |
38,316 |
| Land |
|
48,000 |
|
|
| Accounts payable |
|
|
|
11,600 |
| Interest payable |
|
|
|
9,000 |
| Long-term notes payable |
|
|
|
53,000 |
| Common stock |
|
|
|
17,000 |
| Retained earnings |
|
|
|
154,078 |
| Dividends |
|
36,000 |
|
|
| Trucking fees earned |
|
|
|
128,000 |
| Depreciation expense%u2014Trucks |
|
24,714 |
|
|
| Salaries expense |
|
64,722 |
|
|
| Office supplies expense |
|
10,000 |
|
|
| Repairs expense Trucks |
|
11,868 |
|
|
|
|
|
|
|
| Totals |
$ |
410,994 |
$ |
410,994 |
|
|
|
|
|
|
P.S: the company is authorized 20,000 shares of Common stock but issued 17,000 shares.
The common stock per is $1.
__________________
a. Use the above adjusted trial balance to prepare Webb Trucking Company classified balance sheet as of December 31, 2011.
b. Use the above adjusted trial balance to prepare Webb Trucking Company classified balance sheet as of December 31, 2011, knowing that the company was authorized 5,000 shares of preferred stock, of which it issued 1,000 shares during 2011; the par value of the preferred stock is $5 and was sold for $20.