Account Title Debit Credit Cash $7,800
Accounts receivable 15,500
Office supplies 6,160
Trucks 200,000
Accumulated depreciation—Trucks $36,256
Land 43,000
Accounts payable 10,100
Interest payable 20,000
Long-term notes payable 40,000
K. Wilson, Capital 171,525
K. Wilson, Withdrawals 45,000
Trucking fees earned 121,000
Depreciation expense
—Trucks 23,385
Salaries expense 56,046
Office supplies expense 9,000
Repairs expense—
Trucks 10,277
Totals $398,881 $398,881
Use the above adjusted trial balance to prepare Wilson Trucking Company’s classified balance sheet as of December 31, 2017.

Wilson Trucking Company’s classified balance sheet as of December 31, 2017.

ASSETS

Non - Current Assets

Trucks                                                       200,000

Accumulated depreciation—Trucks        (36,256 )    163,744

Land                                                                              43,000

Total Non - Current Assets                                       206,744

Current Assets

Office supplies                                                               6,160

Accounts receivable                                                    15,500

Cash                                                                               7,800

Total Current Assets                                                   29,460

Total Assets                                                              236,204

EQUITY AND LIABILITIES

Equity

K. Wilson, Capital                                                        171,525

K. Wilson, Withdrawals                                              (45,000)

Net Income                                                                  22,292

Total Equity                                                                 148,817

Liabilities

Non - Current Liabilities

Long-term notes payable                                          40,000

Total Non - Current Liabilities                                   40,000

Current Liabilities

Accounts payable                                                       10,100

Interest payable                                                        20,000

Total Current Liabilities                                              30,100

Total Equity and Liabilities                                        218,917

Explanation:

The Net Income for the year needs to be determined. This is included under the Equity section of the Balance Sheet.

Calculation of Net Income/(Loss) for the year

                                                           $                $

Trucking fees earned                                      121,000

Less Expenses :

Depreciation expense  —Trucks   23,385

Salaries expense                          56,046

Office supplies expense                9,000

Repairs expense—  Trucks             10,277     (98,708)

Net Income / (loss)                                          22,292

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