Question

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 Company's classified balance sheet as of December

Answer 1

Income Statement
Trucking fees earned	123,000
Expenses:
Depreciation expense	-21658
Office supplies expense	-4,000
Salaries expense	-55,108
Repairs expense- Trucks	-10,105
Total expenses	-90,871
Net Income	$32,129

Statement of Owners Equity
K wilson capital , beginning balance	133,256
Net Income	32,129
	$165,385
K wilson withdrawals	-15,000
K wilson capital ending balance	$150,385

Balance Sheet
Assets	Amount	Liabilities + Owners Equity	Amount
Current Assets:		Current Liabilities:
Cash	9,800	Accounts payable	13,800
Accounts receivable	21,500	Interest payable	16,000
Office supplies	6,463	Total Current Liabilities	29,800
Total Current Assets	37,763	Long Term Liabilities:
Plant,Assets :		Long term note payable	32000
Trucks                                        163,000		Total Liabilities	61800
Less:Accumulated Depreciation -33,578	129,422	Owners Equity:
Land	45,000	K.wilson capital	150,385
Total Plant Assets	174,422	Total Owners equity	150,385
Total Assets	$212,185	Total Liabilities & Owners Equity	$212,185

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