Account Title Debit Credit Cash $ 7,100 Accounts receivable 29,000 Office supplies 6,270 Trucks 176,000 Accumulated depreciation—Trucks $ 36,256 Land 45,000 Accounts payable 11,100 Interest payable 19,000 Long-term notes payable 45,000 Common stock 17,000 Retained earnings 158,669 Dividends 46,000 Trucking fees earned 123,000 Depreciation expense—Trucks 23,385 Salaries expense 53,466 Office supplies expense 14,000 Repairs expense—Trucks 9,804 Totals $ 410,025 $ 410,025 Use the above adjusted trial balance to prepare Webb Trucking Company’s classified balance sheet as of December 31, 2011.

Account Title	Debit		Credit
Cash	$	7,100
Accounts receivable		29,000
Office supplies		6,270
Trucks		176,000
Accumulated depreciation—Trucks			$	36,256
Land		45,000
Accounts payable				11,100
Interest payable				19,000
Long-term notes payable				45,000
Common stock				17,000
Retained earnings				158,669
Dividends		46,000
Trucking fees earned				123,000
Depreciation expense—Trucks		23,385
Salaries expense		53,466
Office supplies expense		14,000
Repairs expense—Trucks		9,804
Totals	$	410,025	$	410,025

  

Use the above adjusted trial balance to prepare Webb Trucking Company’s classified balance sheet as of December 31, 2011.

Explanation:

Retained earnings  is computed as:
Beginning balance	$	175,669
Plus: Net income ($123,000 – $23,385 – $53,466 – $14,000 – $9,804)		22,345
Less: Dividends		(46,000	)
Ending balance	$	152,014