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Use the following adjusted trial balance of Webb Trucking Company to prepare a classified balance sheet as of December 31, 2005 Account Title DR CR 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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  • Janet
    Janet Jul 14, 2010

    Thank you so much. You helped me a great deal.

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Hi,


Solution is already updated :-

http://rapidshare.com/files/406819416/d.doc

Let me know,if needed further assistance.

Hope i helped you.

Thanks for using ' Fixya ' and have a nice day!!

Posted on Jul 14, 2010

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  • Master
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Hi there it would great if you please explain the problem

Posted on Jul 13, 2010

  • 1 more comment 
  • Janet
    Janet Jul 13, 2010

    I need to prepare a balance sheet using the following accounts and amounts

    Use the following adjusted trial balance of Webb Trucking Company to prepare a classified balance
    sheet as of December 31, 2005.
    Check (2) R. Showers, Capital
    (ending), $48,500;Total debits, $55,000
    Check Total assets, $235,500;
    K.Webb, Capital, $169,500
    Exercise 4-5
    Preparing the financial statements
    C2
    Use the information in the adjusted trial balance reported in Exercise 4-4 to prepare Webb Trucking
    Company’s (1) income statement, and (2) statement of owner’s equity. The K. Webb, Capital account
    balance is $161,000 at December 31, 2004.
    302 R. Showers, Withdrawals . . . . . . . . . . . . . . . . . . 6,000
    404 Services revenue . . . . . . . . . . . . . . . . . . . . . . . . 36,000
    612 Depreciation expense—Equipment . . . . . . . . . . . 2,000
    622 Salaries expense . . . . . . . . . . . . . . . . . . . . . . . . 21,000
    637 Insurance expense . . . . . . . . . . . . . . . . . . . . . . . 1,500
    640 Rent expense . . . . . . . . . . . . . . . . . . . . . . . . . . 2,400
    652 Supplies expense . . . . . . . . . . . . . . . . . . . . . . . . 1,200
    Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $89,100 $89,100
    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


  • Janet
    Janet Jul 14, 2010

    Let me know if you understand and can help me or not

  • Hilton Bristol Jul 14, 2010

    Thanks for the reply i understand you need to get some accounting work done.

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  • Master
  • 6,826 Answers

May I ask you what question specifically you have regarding Using the adjusted trial as listed for a $390,000 figure?

I need clarification of this question to continue.

Posted on Jul 13, 2010

  • Janet
    Janet Jul 13, 2010

    Using these accounts and amounts I need to do a balance sheet

  • Duane Wong
    Duane Wong Jul 13, 2010

    I would try wikipedia.com to try to understand standard accounting concepts.



    Good luck.

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