there is a mistake in the trial balance sheet:
Cash 9,100
Accounts receivable 13,000
Office supplies 6,600
Trucks 165,000
Accumulated depreciation—Trucks 33,990
Land 41,000
Accounts payable 13,100
Interest payable 1,000
Long-term notes payable 67,000
Common Stock 35,000
Retained earnings 128,194
Dividends 22.000
Trucking fees earned 124,000
Depreciation expense Trucks 26,574
Salaries expense 52,528
Office supplies expense 20,000
Repairs expense Trucks 9,632
TOTALS 365,434 402,284
unaccounted difference 36,850
adjusted totals 402,284 402,284
Answer:
Wilson Trucking Company
Balance Sheet
For the Year Ended in December 31, 2012
Assets:
Current assets:
- Cash $9,100
- Accounts receivable $13,000
- Office supplies $6,600
- Total current assets $28,700
Non-current assets:
- Trucks $165,000
- Accumulated depreciation - Trucks ($33,990 )
- Land $41,000
- Total non-current assets $172,010
Total assets $200,710 + unaccounted difference $36,850 = $237,560
Liabilities and stockholders' equity:
Current liabilities:
- Accounts payable $13,100
- Interest payable $1,000
- Total current liabilities $14,100
Long term liabilities:
- Long-term notes payable $67,000
- Total long term liabilities$67,000
Total liabilities $81,100
Stockholders' equity:
- Common Stock $35,000
- Retained earnings $121,460
Total stockholders' equity $156,460
Total liabilities and stockholders' equity $237,560
Step-by-step explanation:
Trucking fees earned 124,000
Depreciation expense Trucks -26,574
Salaries expense -52,528
Office supplies expense -20,000
Repairs expense Trucks -9,632
net income = $15,266
retained earnings = net income - dividends + precious RE balance = $15,266 - $22,000 + $128,194 = $121,460