Answer:
Wilson Trucking Company classified balance sheet as of December 31.
Assets
Non - Current Assets
Trucks 172,000
Accumulated depreciation Trucks (36,000) 136,000
Land 85,000
Total Non - Current Assets 221,000
Current Assets
Office supplies 3,000
Accounts receivable 17,000
Cash 8,000
Total Current Assets 28,500
Total Assets 249,500
Equity and Liabilities
Equity
Common stock 15,000
Retained earnings 155,000
Dividends (20,000)
Total Equity 110,000
Liabilities
Non - Current Liabilities
Long-term notes payable 58,000
Total Non - Current Liabilities 58,000
Current Liabilities
Accounts payable 12,000
Interest payable 4,000
Total Current Liabilities 16,000
Total Equity and Liabilities 249,500
Explanation:
The following appear in the Balance Sheet.
When preparing the Balance Sheet remember the Accounting Equation : Assets = Equity + Liabilities.,
