Exercise 4-11 Preparing the financial statements LO C2 The following is the adjusted trial balance of...

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Exercise 4-11 Preparing the financial statements LO C2 The following is the adjusted trial balance of Wilson Trucking Company

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Answer 1

Answer #1

Requirement 1

WILSON TRUCKING COMPANY
Income Statement
For Year Ended December 31, 2017
*Revenues*
Trucking fees earned		$124,500
*Expenses*
Depreciation expense—Trucks	$22,721
Salaries expense	$58,391
Office supplies expense	$13,000
Repairs expense—Trucks	$10,707


Total expenses		$104,819
Net Income		$19,681

Requirement 2

WILSON TRUCKING COMPANY
Statement of Retained Earnings
For Year Ended December 31, 2017
K Wilson-Capital Dec 31, 2016	$169,593
Add: Net Income	$19,681
	$189,274
Less: K Wilson - Drawings	$19,000
K Wilson - Capital, December 31, 2017	$170,274

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Answer 2

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