Question

Requirea information [The following information applies to the questions displayed below.] The following is the adjusted year-end trial balance at December 31, 2018, of Wilson Trucking Company Credit Debit $ 8,000 17,500 3,000 172,000 $ 36,000 85, 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, December 31, 2017 Dividends Trucking fees earned Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense-Trucks Totals 12,000 4,000 53,000 20,000 155,000 20,000 130, eee 23,500 61,000 8,000 12,000 $410,000 $410,000

Answer 1

Income Statement
Revenues:
Trucking fees earned	130,000
Total revenue	130,000
Expenses:
Depreciation expense- Trucks	-23,500
Salaries expense	-61,000
Office supplies expense	-8,000
Repairs expense - Trucks	-12,000
Total expenses	-104,500
Net Income	$25,500

Statement of Retained Earnings
Beginning retained earnings	155,000
Net Income	25,500
	$180,500
Dividends	-20,000
Retained earnings, Ending	$160,500

WILSON TRUCKING COMPANY
Balance Sheet
December 31, 2018
Assets
Current Assets:
Cash		8,000
Accounts receivable		17,500
Office supplies		3,000
Total Current Assets		28,500
Plant Assets:
Land		85,000
Trucks	172,000
Accumulated depreciation	-36,000	136,000
Total Plant Assets		221,000
Total Assets		$249,500
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable		12,000
Interest payable		4,000
Total Current liabilities		16,000
Long term liabilities:
Long term note payable		53,000
Total long term liabilities		53,000
Equity:		69,000
Common stock		20,000
Retained earnings		160,500
Total stockholders equity		180,500
Total liabilities and equity		$249,500

Kindly give a positive rating if you are satisfied with this solution and please ask if you have any query.

Thanks