WILSON TRUCKING COMPANY | ||
Income Statement | ||
For Year Ended December 31 | ||
Revenues: | ||
Trucking fees earned | $ 148,500 | |
Expenses: | ||
Depreciation expense-trucks | $ 23,119 | |
Salaries expense | $ 69,647 | |
Office supplies expense | $ 5,500 | |
Repairs expense-trucks | $ 12,771 | |
Total expenses | $ 111,037 | |
Net Income | $ 37,463 |
WILSON TRUCKING COMPANY | |
Statement of Owner's Equity | |
For Year Ended December 31 | |
K. Wilson, capital, December 31 prior year | $ 154,193 |
Add: Net Income | $ 37,463 |
Less: Withdrawals | ($ 19,000) |
K. Wilson, capital, December 31 current year | $ 172,656 |
Exercise 4-11 Preparing financial statements LO C3 The following adjusted year-end trial balance at December 31...
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...
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...
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 $ 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. 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 $ 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 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...
Exercise 3-7 Preparing financial statements LO P3 The following is the adjusted trial balance of Wilson Trucking Company Account Title Cash Accounts receivable $ 7,600 16,500 2,000 151,000 office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings Dividends s 31,106 75,000 11,600 3,000 52,000 18,000 127,712 19,000 Trucking fees earned 141,000 Depreciation expense-Trucks Salaries expense office supplies expense Repairs expense-Trucks Totals 20,063 66,129 15,000 12.126 ences 384,418 $384,418 The Retained Earnings account...
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 22,056 70,116 5,500 12,857 $ 394,529 $ 394,529 The K. Wilson, Capital account balance is $146.333...