Chapter 4, Problem 12E

To determine

INTRODUCTION

In the classified balance sheet we represent the Asset and Liabilities in Current and Noncurrent. Current assets consist of resources that will be consumed within a year or the next accounting period. Current liabilities are any debts that become due in the next year or accounting period. Non-current or long-term liabilities, on the other hand, become due in more than one year. Non-current asset because it will provide benefits to the company for many future years. Owner’s capital is the Owners share representing owner’s capital after adjusting Net income and withdrawals as on balance sheet date

TO PREPARE:

We have to prepare the Balance sheet of Wilson trucking company as on 31^st December, 2015

Wilson Trucking Company
Balance sheet
As on December 31, 2015
Particulars	Amount ($)	Particulars	Amount ($)
CURRENT ASSET		CURRENT LIABILITIES
Cash	$8,000.00	Accounts payable	$12,000.00
Accounts receivable	$17,500.00	Interest payable	$4,000.00
Office supplies	$3,000.00		$16,000.00
	$28,500.00	NON CURRENT LIABILITIES
NON CURRENT ASSET		Long term notes payable	$53,000.00
Trucks $ 172,000			$69,000.00
Less: Accumulated Depreciation $36,000	$136,000.00	OWNER CAPITAL
Land	$85,000.00	Owners Capital	$180,500.00
TOTAL	$249,500.00	TOTAL	$249,500.00