Homework Answers
1. Income statement is given below:
Income statement for the year ended December 31:
| Description | Amount | Amount |
| Revenues & other items: | ||
| Trucking fees | $128000 | |
| Total revenues & other items | $128000 | |
| Expenses & other items: | ||
| Depreciation expense | $24315 | |
| Salaries expense | $60032 | |
| Office supplies expense | $8000 | |
| Repairs expense | $11008 | |
| Total expenses & other items | ($103355) | |
| Net income | $24645 |
2. Statement of retained earnings:
Statement of retained earnings for the year ended December 31:
| Description | Amount |
| Retained earnings, December 31, prior year | $138000 |
| Add:Net income | $24645 |
| Less: Dividends | ($19000) |
| Retained earnings, December 31, current year | $143645 |
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)
Prepare the income statement for the year ended December 31. (2)
Prepare the statement of...
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. 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. 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...
whats is the income statement and statement of retained earnings? Chapter 3 Assignment i Saved 7...
whats is the income statement and statement of retained
earnings?
Chapter 3 Assignment i Saved 7 The following adjusted year-end trial balance at December 31 of Wilson Trucking Company 1 points eBook 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 $ 8,400 16,500 2,000 196,000 $ 40, 376 75,000 12,400...
Saved 40 Help Save & Exit Submit The following adjusted year-end trial balance at December 31...
Saved 40 Help Save & Exit Submit The following adjusted year-end trial balance at December 31 of Wilson Trucking Company Credit Debit $ 7,000 16,500 2,000 184,000 $ 37,904 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 olce supplies expense Repairs expense-Trucks Totals 11,000 3,000 52,000 40, 746 137,500 19,000 135,500 24,448 63,549 14,500 11, 653 $417,650...
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. Debit 7,900 16,500 2,000 185,000 $ 38, 110 75,000 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 11,900 3,000 52,000 78,961 19,000 118,000 $401,971 $401,971 The K. Wilson, Capital account balance was $178,961 at December 31 of the...
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, 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 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. 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. 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. 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...
whats is the income statement and statement of retained
earnings?
Chapter 3 Assignment i Saved 7 The following adjusted year-end trial balance at December 31 of Wilson Trucking Company 1 points eBook 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 $ 8,400 16,500 2,000 196,000 $ 40, 376 75,000 12,400...
Saved 40 Help Save & Exit Submit The following adjusted year-end trial balance at December 31 of Wilson Trucking Company Credit Debit $ 7,000 16,500 2,000 184,000 $ 37,904 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 olce supplies expense Repairs expense-Trucks Totals 11,000 3,000 52,000 40, 746 137,500 19,000 135,500 24,448 63,549 14,500 11, 653 $417,650...
The following adjusted year-end trial balance at December 31 of Wilson Trucking Company. Debit 7,900 16,500 2,000 185,000 $ 38, 110 75,000 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 11,900 3,000 52,000 78,961 19,000 118,000 $401,971 $401,971 The K. Wilson, Capital account balance was $178,961 at December 31 of the...
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, 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 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...
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