Question

The following data were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for April 30 for Abigail Trucking:

Accounts	Amount
Accounts Payable	$42,600
Accounts Receivable	83,400
Accumulated Depreciation-Trucks	28,000
Cash	?
Common Stock	100,000
Prepaid Insurance	6,500
Prepaid Rent	12,000
Retained Earnings	215,000
Salaries Payable	12,500
Trucks	206,000
Supplies	4,700
Unearned Fees	5,000

Required:

Prepare a classified balance sheet. Be sure to complete the statement heading. Refer to the lists of Accounts in the information given, Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. You will not need to enter colons (:) on the Balance Sheet. For any amount which is subtracted, use a minus sign.

Answer 1

$ in actuals	Amount
Assets
Current Assets
Cash(balancing figure)	90500
Accounts Receivable	83400
Inventories - Supplies	4700
Other Current Assets
Prepaid Insurance	6500
Prepaid Rent	12000
Total Other Current Assets	18500
Total Current Assets	197100
Property, Plant and Equipment
Trucks	206000
Accumulated Depreciation-Trucks	-28,000
Property, Plant and Equipment, net	178000
Total Assets	375100
Liabilities and Shareholder's Equity
Liabilities
Current Liabilities
Accounts Payable	42600
Other Current Liabilities
Salaries Payable	12500
Unearned Fees	5000
Total Other Current Liabilities	17500
Total Current Liabilities	60100
Shareholder's Equity
Common Stock	100000
Retained Earnings	215000
Total Shareholder's Equity	315000
Total Liabilities and Shareholder's Equity	375100