Exercise 3-12 Preparing a classified balance sheet L.O. C4 P.S: the company i

Exercise 3-12 Preparing a classified balance sheet L.O. C4 P.S: the company is authorized 20000 shares of Common stock but issued 17000 shares.The common stock per is $1.__________________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 5000 shares of preferred stock of which it issued 1000 shares during 2011; the par value of the preferred stock is $5 and was sold for $20.