Huffman Trucking accounting problem

Huffman Trucking accounting problem

Question
	Huffman Trucking
Balance Sheet
(Unaudited)

December 31st
2011	2010
(In Thousands)

Assets
Current Assets	
Cash & Cash Equivalents	$89,664	$58,003
Accounts Receivable	51,869	81,557
Prepaid Expenses & Supplies	6,267	5,529
Total Current Assets	$147,800	$145,089

Carrier Operating Property (at cost)	$85,306	$81,461
Less: Allowance for Depreciation	(69,536)	(67,119)
Net Carrier Operating Property	$15,770	$14,342

Assets of Discontinued Operations	7,516	8,739
Goodwill (net)	49,852	49,852
Other Assets	46,327	37,306
Total Assets	$267,265	$255,328


Liabilities and Shareholders' Equity
Current Liabilities	
Accounts Payable	$40,843	$45,381
Salaries & Wages	37,299	33,014
Current Portion of Long-Term Debt	1,752	1,343
Freight & Casualty Claims Payable	10,389	9,697
Total Current Liabilities	$90,283	$89,435

Long-Term Liabilities	
Accrued Pension & Post-Retirement Health Care	$64,058	$58,672
Long-Term Debt	7,307	6,562
Total Long-Term Liabilities	$71,365	$65,234

Shareholders' Equity	
Common Stock ($1.00 par value Authorized: 20,000,000 shares)	$3.882	$3.882
Treasury Shares	(1.952)	(1.952)
Retained Earnings	105,615	100,657
Total Shareholders' Equity	$105,617	$100,659

Total Liabilities and Shareholders' Equity	$267,265	$255,328


o	
Huffman Trucking
Statement of Income
(Unaudited)

December 31st
2011	2010
(In Thousands)

Revenue	$1,109,295	$969,240

Operating Expenses	
Salaries, Wages & Benefits	$406,191	$367,993
Fuel Expense	318,737	258,904
Operating Supplies and Expenses	117,670	105,875
Purchased Transportation	138,140	114,250
Operating Taxes & Licenses	19,033	17,753
Insurance & Claims	11,995	12,493
Provision for Depreciation	3,009	2,773
Total Operating Expenses	$1,014,775	$880,041

Operating Income form Continuing Operations	$94,520	$89,199

Interest Expense	$466	$768
Tax Expense	34,887	32,923
Net Income	$59,167	$55,508