Homework Answers
Solutions:
| Revenues: | ||
| Trucking Fees Earned | $1,18,000 | |
| Expenses: | ||
| Depreciation expense- trucks | $24,581 | |
| Salaries Expense | $55,342 | |
| Office supplies Expenses | $6,500 | |
| Repair Expenses -Trucks | $10,148 | |
| Total Expenses | $96,571 | |
| Net Income | $21,429 |
| Wilson Trucking company | ||
| Statemnet of Owner's Equity | ||
| For the year ended Dec 31 | ||
| K. Wilson, capital, January 1 | $1,78,961 | |
| Add: Net income | $21,429 | |
| $2,00,390 | ||
| Less: K. Wilson, Withdrawals | $19,000 | |
| K. Wilson, capital, Dec 31 | $1,81,390 | |
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The following adjusted year-end trial balance at December 31 of Wilson Trucking Company. Debit 7,900 16,500...
The following adjusted year-end trial balance at December 31 of Wilson Trucking Company. Credit Debit $...
The following adjusted year-end trial balance at December 31 of Wilson Trucking Company. Credit Debit $ 8,000 17,500 3,000 172,000 $ 36,000 85,000 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 12,000 4,000 58,000 15,000 155,000 20,000 130,000 23,500 61,000 8,000 12,000 $410,000 $410,000 The Retained Earnings account balance was $155,000 at...
The following adjusted year-end trial balance at December 31 of Wilson Trucking Company. Credit Debit $...
The following adjusted year-end trial balance at December 31 of Wilson Trucking Company. Credit Debit $ 6,100 16,500 2,000 158,000 $ 32,548 75,000 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 10, 100 3,000 52,000 29,995 135,500 19,000 110,000 20,993 51,590 14,500 9,460 $373,143 $373, 143 The Retained Earnings account balance...
The following is the adjusted trial balance of Wilson Trucking Company. Account Title Cash Accounts receivable...
The following is the adjusted trial balance of Wilson Trucking Company. 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 5,500 16,500 2,000 166,000 $ 34,196 75,000 9,500 3,000 52,000 146,333 19,000 149,500 E 22,056 70,116 5,500 12,857 $ 394,529 $ 394,529 The K. Wilson, Capital account balance is $146,333...
Exercise 4-11 Preparing financial statements LO C3 The following adjusted year-end trial balance at December 31...
Exercise 4-11 Preparing financial statements LO C3 The following adjusted year-end trial balance at December 31 of Wilson Trucking Company. Account Title Debit Credit Cash $ 6,300 Accounts receivable 16,500 office supplies 2,000 Trucks 174,000 Accumulated depreciation-Trucks $ 35,844 Land 75,000 Accounts payable 10,300 Interest payable 3,000 Long-term notes payable 52,000 x. Wilson, Capital 154, 193 x. Wilson, withdrawals 19,000 Trucking fees earned 148,500 Depreciation expense 23,119 Trucks Salaries expense 69,647 Office supplies expense 5,500 Repairs expense Trucks 12,771 Totals...
The following adjusted year-end trial balance at December 31 of Wilson Trucking Company. Account Title Cash...
The following adjusted year-end trial balance at December 31 of Wilson Trucking Company. 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 $ 8,100 16,500 2,000 153,000 $ 31,518 75,000 12, 100 3,000 52,000 10,021 137,500 19,000 122,000 20,329 57,218 6,500 10,492 $368, 139 $368, 139 The Retained Earnings account balance...
The following adjusted year-end trial balance at December 31 of Wilson Trucking Company. Account Title Cash...
The following adjusted year-end trial balance at December 31 of Wilson Trucking Company. 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 $ 9,9ee 16,5ee 2,000 175, eee $ 36,050 75, eee 13,900 3, eee 52, eee 22,902 138, eee 19, eee 140, wee 23,252 65,660 7,5ee 12,840 $405,852 $405,852 The...
The following adjusted year-end trial balance at December 31 of Wilson Trucking Company Credit Debit $...
The following adjusted year-end trial balance at December 31 of Wilson Trucking Company Credit Debit $ 6, eee 16,500 2, eee 184, eee $ 37,904 75, eee 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 1e, eee 3, eee 52, eee 41, 691 135, eee 19, eee 134, see 24,448 63,80 12,500 11,567...
The following adjusted year end trial balance at December 31 of Wilson Trucking Company, Credit Debit...
The following adjusted year end trial balance at December 31 of Wilson Trucking Company, Credit Debit $ 5,600 16,500 2,000 153,000 $ 31,518 75,000 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 9,600 3,000 52,000 13,854 139,000 19,000 123,500 20,329 57,922 12,500 10,621 $372,472 $372,472 The Retained Earnings account balance was $139,000...
The following adjusted year-end trial balance at December 31 of Wilson Trucking Company. Account Title Debit...
The following adjusted year-end trial balance at December 31 of Wilson Trucking Company. Account Title Debit Credit Cash $ 9,000 Accounts receivable 16,500 Office supplies 2,000 Trucks 189,000 Accumulated depreciation—Trucks $ 38,934 Land 75,000 Accounts payable 13,000 Interest payable 3,000 Long-term notes payable 52,000 Common stock 35,880 Retained earnings 137,500 Dividends 19,000 Trucking fees earned 135,500 Depreciation expense—Trucks 25,112 Salaries expense 63,549 Office supplies expense 5,000 Repairs expense—Trucks 11,653 Totals $ 415,814 $ 415,814 The Retained Earnings account balance...
Exercise 4-11 Preparing the financial statements LO C2 The following is the adjusted trial balance of...
Exercise 4-11 Preparing the financial statements LO C2 The following is the adjusted trial balance of Wilson Trucking Company. 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 Credit $ 6,300 16,500 2,000 171,000 $ 35, 226 75,000 10,300 3,000 52,000 169,593 19,000 124,500 22,721 58,391 13,000 10,707 $394,619 $394,619 The...
The following adjusted year-end trial balance at December 31 of Wilson Trucking Company. Credit Debit $ 8,000 17,500 3,000 172,000 $ 36,000 85,000 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 12,000 4,000 58,000 15,000 155,000 20,000 130,000 23,500 61,000 8,000 12,000 $410,000 $410,000 The Retained Earnings account balance was $155,000 at...
The following adjusted year-end trial balance at December 31 of Wilson Trucking Company. Credit Debit $ 6,100 16,500 2,000 158,000 $ 32,548 75,000 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 10, 100 3,000 52,000 29,995 135,500 19,000 110,000 20,993 51,590 14,500 9,460 $373,143 $373, 143 The Retained Earnings account balance...
The following is the adjusted trial balance of Wilson Trucking Company. 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 5,500 16,500 2,000 166,000 $ 34,196 75,000 9,500 3,000 52,000 146,333 19,000 149,500 E 22,056 70,116 5,500 12,857 $ 394,529 $ 394,529 The K. Wilson, Capital account balance is $146,333...
Exercise 4-11 Preparing financial statements LO C3 The following adjusted year-end trial balance at December 31 of Wilson Trucking Company. Account Title Debit Credit Cash $ 6,300 Accounts receivable 16,500 office supplies 2,000 Trucks 174,000 Accumulated depreciation-Trucks $ 35,844 Land 75,000 Accounts payable 10,300 Interest payable 3,000 Long-term notes payable 52,000 x. Wilson, Capital 154, 193 x. Wilson, withdrawals 19,000 Trucking fees earned 148,500 Depreciation expense 23,119 Trucks Salaries expense 69,647 Office supplies expense 5,500 Repairs expense Trucks 12,771 Totals...
The following adjusted year-end trial balance at December 31 of Wilson Trucking Company. 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 $ 8,100 16,500 2,000 153,000 $ 31,518 75,000 12, 100 3,000 52,000 10,021 137,500 19,000 122,000 20,329 57,218 6,500 10,492 $368, 139 $368, 139 The Retained Earnings account balance...
The following adjusted year-end trial balance at December 31 of Wilson Trucking Company. 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 $ 9,9ee 16,5ee 2,000 175, eee $ 36,050 75, eee 13,900 3, eee 52, eee 22,902 138, eee 19, eee 140, wee 23,252 65,660 7,5ee 12,840 $405,852 $405,852 The...
The following adjusted year-end trial balance at December 31 of Wilson Trucking Company Credit Debit $ 6, eee 16,500 2, eee 184, eee $ 37,904 75, eee 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 1e, eee 3, eee 52, eee 41, 691 135, eee 19, eee 134, see 24,448 63,80 12,500 11,567...
The following adjusted year end trial balance at December 31 of Wilson Trucking Company, Credit Debit $ 5,600 16,500 2,000 153,000 $ 31,518 75,000 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 9,600 3,000 52,000 13,854 139,000 19,000 123,500 20,329 57,922 12,500 10,621 $372,472 $372,472 The Retained Earnings account balance was $139,000...
Exercise 4-11 Preparing the financial statements LO C2 The following is the adjusted trial balance of Wilson Trucking Company. 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 Credit $ 6,300 16,500 2,000 171,000 $ 35, 226 75,000 10,300 3,000 52,000 169,593 19,000 124,500 22,721 58,391 13,000 10,707 $394,619 $394,619 The...
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