Homework Answers
Solution:
| Wilson Trucking Company | ||||
|
Balance Sheets As of December 31, 2017 |
||||
| Assets | Amount | Liabilities & Equity | Amount | |
| Current Assets: | Current liabilities: | |||
| Cash | $6,800.00 | Accounts payable | $10,800.00 | |
| Accounts receivables | $21,500.00 | Interest payable | $5,000.00 | |
| Office supplies | $8,058.00 | Long term liabilities: | ||
| Property Plant & Equipment: | Long term note payable | $60,000.00 | ||
| Trucks, Gross | $170,000.00 | Equity: | ||
| Accumulated depreciation - Truck | $35,020.00 | Common stock | $19,000.00 | |
| Trucks, net | $134,980.00 | Retained earnings ($135,434 + $18,104 - $35,000) | $118,538.00 | |
| Land | $42,000.00 | |||
| Total Assets | $213,338.00 | Total Liabilities & Equity | $213,338.00 | |
| Wilson Trucking Company | ||
| Income Statement | ||
| For year ended Dec 31, 2017 | ||
| Particulars | Amount | |
| Revenue: | ||
| Trucking fees earned | $126,000.00 | |
| Expenses: | ||
| Depreciation expense - Truck | $22,588.00 | |
| Salaries expense | $68,709.00 | |
| Office supplies - Expense | $4,000.00 | |
| Repair expense - Truck | $12,599.00 | |
| Total expenses | $107,896.00 | |
| Net Income | $18,104.00 | |
Add Answer to:
4 Exercise 3.9 Preparing a classified balance sheet LO C3 Cash Accounts receivable Office supplies Trucks...
Exercise 4-12 Preparing a classified balance sheet LO C3 Account Title Debit Credit Cash $ 5,200...
Exercise 4-12 Preparing a classified balance sheet LO C3 Account Title Debit Credit Cash $ 5,200 Accounts receivable 12,000 Office supplies 6,738 Trucks 171,000 Accumulated $ 35, 226 depreciation-Trucks Land 40,000 Accounts payable 9,200 Interest payable 17,000 Long-term notes payable 64,000 K. Wilson, Capital 108,221 K. Wilson, Withdrawals 21,000 Trucking fees earned 125,000 Depreciation expense- 22,721 Trucks Salaries expense 57,453 Office supplies expense 12,000 Repairs expense-Trucks 10,535 Totals $ 358,647 $ 358,647 Use the above adjusted trial balance to prepare...
Exercise 4-12 Preparing a classified balance sheet LO C3 Account Title Debit Credit Cash $ 6,900...
Exercise 4-12 Preparing a classified balance sheet LO C3 Account Title Debit Credit Cash $ 6,900 Accounts receivable 24,500 office supplies 7,480 Trucks 156,000 Accumulated depreciation Trucks $ 32,136 Land 48,000 Accounts payable 10,900 Interest payable 3,000 Long-term notes 60,000 payable x. Wilson, Capital 149,052 x. Wilson, 36,000 Withdrawals Trucking fees carned 125,000 Depreciation expense -Trucks 20,728 Salaries expense 63,784 office supplies expense 5,000 Repairs expense- Trucks 11,696 Totals $380,088 $380,086 Use the above adjusted trial balance to prepare Wilson...
4 Exercise 4-12 Preparing a classified balance sheet LO C3 10 points eBook Print References Account...
4 Exercise 4-12 Preparing a classified balance sheet LO C3 10 points eBook Print References Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable K. Wilson, Capital K. Wilson, Withdrawals Trucking fees earned Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense-Trucks Totals Debit Credit 6,100 29,500 7,480 195,000 $ 40,170 44,000 10, 100 13,000 34,600 202,200 27,000 126,000 25,910 63,784 15,00 11,696 $ 425, 470 $ 425, 470 Use the...
Exercise 4-12 Preping a classified balance sheet LO C3 Use the above adjusted trial balance to prepare Wilson Trucking Company’s Classified balance sheet as of December 31, 2017. il How to Beco...
Exercise 4-12 Preping a classified balance sheet LO C3
Use the above adjusted trial balance to prepare Wilson
Trucking Company’s Classified balance sheet as of December 31,
2017.
il How to Become a P- ด.© samantha gordon Ho Chemistry Chapter Exercise 4-12 Preparing a classified balance sheet LO C3 Account Title $ 5,500 20, 500 7,673 197,000 Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable K. Wilson, Capital K. Wilson, Withdrawals Trucking...
Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term...
Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable K. Wilson, Capital K. Wilson, Withdrawals Trucking fees earned Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense-Trucks Totals Debit Credit $ 9,000 10,000 6,490 181,000 $ 37,286 42,000 13,000 8,000 61,000 122,743 14,000 123,000 24,049 55,342 13,000 10,148 $365,029 $ 365,029 Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31, 2017 WILSON...
Cash Dividends Account Title Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Land Accounts payable Interest...
Cash Dividends Account Title Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings Trucking fees earned Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense-Trucks Totals Debit Credit $ 6,800 18,000 8,113 170,000 $ 35,020 48,000 10,800 4,000 35,000 48,544 140,000 38,000 130,000 22,588 69,178 10,000 12,685 $ 403,364 $403,364 Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31. WILSON...
Account Title Debit Credit Cash $ 8,100 Accounts receivable 27,500 Office supplies 8,030 Trucks 163,000 Accumulated...
Account Title
Debit
Credit
Cash
$
8,100
Accounts receivable
27,500
Office supplies
8,030
Trucks
163,000
Accumulated depreciation—Trucks
$
33,578
Land
47,000
Accounts payable
12,100
Interest payable
2,000
Long-term notes payable
39,000
Common stock
38,640
Retained earnings
137,000
Dividends
27,000
Trucking fees earned
130,000
Depreciation expense—Trucks
21,658
Salaries expense
68,474
Office supplies expense
9,000
Repairs expense—Trucks
12,556
Totals
$
392,318
$
392,318
Use the above adjusted trial balance to prepare Wilson Trucking
Company’s classified balance sheet as of December
31.
...
Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term...
Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings Dividends Trucking fees earned Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense-Trucks Totals Debit Credit $ 8,600 12,500 6,683 153,000 $ 31,518 48,000 12,600 14,000 53,000 -25,573 140,000 19,000 122,000 20,329 56,984 12,000 10, 449 $347,545 $347,545 Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31. WILSON TRUCKING...
GACILISE 14 rieparny a LIASCU NOTONLEHELLU Book Account Title Cash Accounts receivable Office supplies Trucks Accumulated...
GACILISE 14 rieparny a LIASCU NOTONLEHELLU Book Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation- Trucks Land Accounts payable Interest payable Long-term notes payable K. Wilson, Capital K. Wilson, Withdrawals Trucking fees earned Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense-Trucks Totals Debit Credit $ 9,800 21,500 6,463 163,000 $ 33,578 45,000 13,800 16,000 32,800 133,256 15,000 123,000 21,658 55,108 4,000 10,105 $351,634 $351,634 Ask Print erences Use the above adjusted trial balance to prepare Wilson Trucking...
Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation - Trucks Land Accounts payable Interest...
Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation - Trucks Land Accounts payable Interest payable Long-term notes payable K. Wilson, Capital K. Wilson, Withdrawals Trucking fees earned Depreciation expense Trucks Salaries expense Office supplies expense Repairs expense Trucks DebitCredit $ 5,400 14,000 7,948 157,000 $ 32,342 45,000 9,400 17,000 50,000 133,665 31,000 129,000 20,861 67,771 10,000 12,427 Totals $371,407 $371,407 WILSON TRUCKING COMPANY Balance Sheet December 31, 2015 Assets Liabilities Liabilities Equity
Exercise 4-12 Preparing a classified balance sheet LO C3 Account Title Debit Credit Cash $ 5,200 Accounts receivable 12,000 Office supplies 6,738 Trucks 171,000 Accumulated $ 35, 226 depreciation-Trucks Land 40,000 Accounts payable 9,200 Interest payable 17,000 Long-term notes payable 64,000 K. Wilson, Capital 108,221 K. Wilson, Withdrawals 21,000 Trucking fees earned 125,000 Depreciation expense- 22,721 Trucks Salaries expense 57,453 Office supplies expense 12,000 Repairs expense-Trucks 10,535 Totals $ 358,647 $ 358,647 Use the above adjusted trial balance to prepare...
Exercise 4-12 Preparing a classified balance sheet LO C3 Account Title Debit Credit Cash $ 6,900 Accounts receivable 24,500 office supplies 7,480 Trucks 156,000 Accumulated depreciation Trucks $ 32,136 Land 48,000 Accounts payable 10,900 Interest payable 3,000 Long-term notes 60,000 payable x. Wilson, Capital 149,052 x. Wilson, 36,000 Withdrawals Trucking fees carned 125,000 Depreciation expense -Trucks 20,728 Salaries expense 63,784 office supplies expense 5,000 Repairs expense- Trucks 11,696 Totals $380,088 $380,086 Use the above adjusted trial balance to prepare Wilson...
4 Exercise 4-12 Preparing a classified balance sheet LO C3 10 points eBook Print References Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable K. Wilson, Capital K. Wilson, Withdrawals Trucking fees earned Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense-Trucks Totals Debit Credit 6,100 29,500 7,480 195,000 $ 40,170 44,000 10, 100 13,000 34,600 202,200 27,000 126,000 25,910 63,784 15,00 11,696 $ 425, 470 $ 425, 470 Use the...
Exercise 4-12 Preping a classified balance sheet LO C3
Use the above adjusted trial balance to prepare Wilson
Trucking Company’s Classified balance sheet as of December 31,
2017.
il How to Become a P- ด.© samantha gordon Ho Chemistry Chapter Exercise 4-12 Preparing a classified balance sheet LO C3 Account Title $ 5,500 20, 500 7,673 197,000 Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable K. Wilson, Capital K. Wilson, Withdrawals Trucking...
Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable K. Wilson, Capital K. Wilson, Withdrawals Trucking fees earned Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense-Trucks Totals Debit Credit $ 9,000 10,000 6,490 181,000 $ 37,286 42,000 13,000 8,000 61,000 122,743 14,000 123,000 24,049 55,342 13,000 10,148 $365,029 $ 365,029 Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31, 2017 WILSON...
Cash Dividends Account Title Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings Trucking fees earned Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense-Trucks Totals Debit Credit $ 6,800 18,000 8,113 170,000 $ 35,020 48,000 10,800 4,000 35,000 48,544 140,000 38,000 130,000 22,588 69,178 10,000 12,685 $ 403,364 $403,364 Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31. WILSON...
Account Title
Debit
Credit
Cash
$
8,100
Accounts receivable
27,500
Office supplies
8,030
Trucks
163,000
Accumulated depreciation—Trucks
$
33,578
Land
47,000
Accounts payable
12,100
Interest payable
2,000
Long-term notes payable
39,000
Common stock
38,640
Retained earnings
137,000
Dividends
27,000
Trucking fees earned
130,000
Depreciation expense—Trucks
21,658
Salaries expense
68,474
Office supplies expense
9,000
Repairs expense—Trucks
12,556
Totals
$
392,318
$
392,318
Use the above adjusted trial balance to prepare Wilson Trucking
Company’s classified balance sheet as of December
31.
...
Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings Dividends Trucking fees earned Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense-Trucks Totals Debit Credit $ 8,600 12,500 6,683 153,000 $ 31,518 48,000 12,600 14,000 53,000 -25,573 140,000 19,000 122,000 20,329 56,984 12,000 10, 449 $347,545 $347,545 Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31. WILSON TRUCKING...
GACILISE 14 rieparny a LIASCU NOTONLEHELLU Book Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation- Trucks Land Accounts payable Interest payable Long-term notes payable K. Wilson, Capital K. Wilson, Withdrawals Trucking fees earned Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense-Trucks Totals Debit Credit $ 9,800 21,500 6,463 163,000 $ 33,578 45,000 13,800 16,000 32,800 133,256 15,000 123,000 21,658 55,108 4,000 10,105 $351,634 $351,634 Ask Print erences Use the above adjusted trial balance to prepare Wilson Trucking...
Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation - Trucks Land Accounts payable Interest payable Long-term notes payable K. Wilson, Capital K. Wilson, Withdrawals Trucking fees earned Depreciation expense Trucks Salaries expense Office supplies expense Repairs expense Trucks DebitCredit $ 5,400 14,000 7,948 157,000 $ 32,342 45,000 9,400 17,000 50,000 133,665 31,000 129,000 20,861 67,771 10,000 12,427 Totals $371,407 $371,407 WILSON TRUCKING COMPANY Balance Sheet December 31, 2015 Assets Liabilities Liabilities Equity
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