How do i prepare a classified balance sheet? not qiute getting it?

Question

Account Title Debit Credit
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 7,000
Accounts receivable . . . . . . . . . . . . . . . . . . . 16,500
Office supplies . . . . . . . . . . . . . . . . . . . . . . 2,000
Trucks . . . . . . . . . . . . . . . . . . . . . . . . . . . . 170,000
Accumulated depreciation—Trucks . . . . . . . . $ 35,000
Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75,000
Accounts payable . . . . . . . . . . . . . . . . . . . . . 11,000
Interest payable . . . . . . . . . . . . . . . . . . . . . . 3,000
Long-term notes payable . . . . . . . . . . . . . . . 52,000
K.Webb, Capital . . . . . . . . . . . . . . . . . . . . . 161,000
K.Webb, Withdrawals . . . . . . . . . . . . . . . . . 19,000
Trucking fees earned . . . . . . . . . . . . . . . . . . 128,000
Depreciation expense—Trucks . . . . . . . . . . . 22,500
Salaries expense . . . . . . . . . . . . . . . . . . . . . 60,000
Office supplies expense . . . . . . . . . . . . . . . . 7,000
Repairs expense—Trucks . . . . . . . . . . . . . . . 11,000
Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $390,000 $390,000

Answer 1

Income statement

Revenue -
Trucking fees earned 128,000
less:
Costs & expenses -
Depn of trucks (22,500)
Salaries (60,000)
Office supplies (7,000)
Repairs (11,000)
Total costs & exp (100,500)

Profit before tax 27,500

Balance Sheet

Non current assets
Property, plant & equipment (at nbv) 210,000

Current assets
AR 16,500
Office supplies 2,000
Cash 7,000
Sub-total 25,500

Total assets 235,500

Non current liabilities
Long term notes payable 52,000

Current liabilities
AP 11,000
Interest payable 3,000
Sub-total 14,000

Total liabilities 66,000

Owner's equity
Capital 142,000
Retained earnings 27,500
Sub-total 169,500

Total liabilities + owner's equity 235,500

Note: PPE at nbv -
Trucks 170,000
less accd depn (35,000)
Land 75,000
PPE at nbv 210,000

Owner's capital
Capital 161,000
less withdrawals (19,000)
Net owner's capital 142,000

Answer 2

Put all the above information in Excel or other spreadsheet:
List all Account Titles in column A
Then in column C list the amounts that have Debit Balances
In Column D list the amounts that have Credit Balances.
At the bottom you're total amount of debits will equal credits which will give you the amount of $390,000

If you're having problems;
Assets are debits:
Cash
AR
Office Supplies
Trucks
Land

depreciation is a contra asset account and will have a credit balance

Liabilities have a credit balance:
Accts Pay
Int. Pay
LT note Pay

Owner's Equity has a credit balance:
K. Webb, Capital
and withdrawals is another contra account so it will have a debit balance

Revenue is a credit balance:
Trucking fees earned

Expenses are debit balances:
Dep Exp - Trucks
salaries Expense
Office Supplies Exp.
Repairs Expense - Trucks

Company made $ 27,500 in profit