Reference no: EM13500254

Preparing a classified balance sheet L.O. C4

Account Title	Debit		Credit
Cash	$	7,600
Accounts receivable		14,500
Office supplies		7,590
Trucks		186,000
Accumulated depreciation%u2014Trucks			$	38,316
Land		48,000
Accounts payable				11,600
Interest payable				9,000
Long-term notes payable				53,000
Common stock				17,000
Retained earnings				154,078
Dividends		36,000
Trucking fees earned				128,000
Depreciation expense%u2014Trucks		24,714
Salaries expense		64,722
Office supplies expense		10,000
Repairs expense Trucks		11,868
Totals	$	410,994	$	410,994

P.S: the company is authorized 20,000 shares of Common stock but issued 17,000 shares.

The common stock per is $1.
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a. Use the above adjusted trial balance to prepare Webb Trucking Company classified balance sheet as of December 31, 2011.

b. Use the above adjusted trial balance to prepare Webb Trucking Company classified balance sheet as of December 31, 2011, knowing that the company was authorized 5,000 shares of preferred stock, of which it issued 1,000 shares during 2011; the par value of the preferred stock is $5 and was sold for $20.