Homework Answers
| Wilson Trucking Company | ||||
| Income Statement | ||||
| For the year ended december 31st,2017 | ||||
| 1) | Revenue: | |||
| Trucking fees received =(A) | $ 1,41,000.00 | |||
| Expenses: | ||||
| Salaries Expense | $ 66,129.00 | |||
| Office Supplies Expense | $ 15,000.00 | |||
| Repairs Expense-Truck | $ 12,126.00 | |||
| Depreciation Expense | $ 20,063.00 | |||
| Total Expenses(B) | $ 1,13,318.00 | |||
| Net Income(A)-(B) | $ 27,682.00 | |||
| 2) | Wilson Trucking Company | |||
| Statement of retained earnings | ||||
| For the year ended december 31st,2017 | ||||
| Beginning Balance on 1/1/2017 | $ 1,27,712.00 | |||
| Add: Net Income | $ 27,682.00 | |||
| $ 1,55,394.00 | ||||
| Less: Dividend paid | $ 19,000.00 | |||
| Ending balance on 31/12/2017 | $ 1,36,394.00 | |||
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Exercise 3-7 Preparing financial statements LO P3 The following is the adjusted trial balance of Wilson...
Exercise 3-7 Preparing financial statements LO P3 The following is the adjusted trial balance of Wilson...
Exercise 3-7 Preparing financial statements LO P3 The following is the adjusted trial balance of Wilson Trucking Company. Account Title Debit Credit Cash $ 8,000 Accounts receivable 17,500 Office supplies 3,000 Trucks 172,000 Accumulated depreciation—Trucks $ 36,000 Land 85,000 Accounts payable 12,000 Interest payable 4,000 Long-term notes payable 53,000 Common stock 20,000 Retained earnings 155,000 Dividends 20,000 Trucking fees earned 130,000 Depreciation expense—Trucks 23,500 Salaries expense 61,000 Office supplies expense 8,000 Repairs expense—Trucks 12,000 Totals $ 410,000 $ 410,000 ...
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...
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 Titi 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-Truck Salaries expense Office supplies expense Repairs expense-Trucks Totals Debit | 7,000 16,500 2,00€ 183,080 $ 37,698 75,000 11,880 3,000 52,000 177,162 19,000 119,000 24, 315 55,811 7,000 10,234 $ 399,860 5 399,860...
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 $ 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 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...
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 year-end trial balance at December 31, 2018, of Wilson Trucking Company....
The following is the adjusted year-end trial balance at December 31, 2018, of Wilson Trucking Company. Credit Debit $ 7,300 17,500 3,900 179,000 $ 41,000 82,200 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 12,300 3,700 61,000 20,600 151,000 19,000 131,000 22,600 68,000 8,200 12,900 $420,600 $420,600 Use the...
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...
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...
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...
Exercise 4-11 Preparing the financial statements LO C2 The following is the adjusted trial balance of Wilson Trucking Company. Account Titi 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-Truck Salaries expense Office supplies expense Repairs expense-Trucks Totals Debit | 7,000 16,500 2,00€ 183,080 $ 37,698 75,000 11,880 3,000 52,000 177,162 19,000 119,000 24, 315 55,811 7,000 10,234 $ 399,860 5 399,860...
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 $ 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 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...
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 year-end trial balance at December 31, 2018, of Wilson Trucking Company. Credit Debit $ 7,300 17,500 3,900 179,000 $ 41,000 82,200 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 12,300 3,700 61,000 20,600 151,000 19,000 131,000 22,600 68,000 8,200 12,900 $420,600 $420,600 Use the...
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...
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