Homework Answers
| WILSON TRUCKING COMPANY | ||
| Balance Sheet | ||
| December 31 | ||
| Assets | ||
| Current Assets: | ||
| Cash | $7,700 | |
| Accounts Receivable | $16,500 | |
| Office supplies | $6,628 | |
| Total current assets [$7,700 + $16,500 + $6,628] | $30,828 | |
| Plant assets | ||
| Trucks | $163,000 | |
| Accumulated depreciation - Trucks [$163,000 - $33,578 = $129,422] | $33,578 | $129,422 |
| Land | $46,000 | |
| Total plant assets [$129,422 + $46,000] | $175,422 | |
| Total assets [$30,828 + $175,422] | $206,250 | |
| Liabilities | ||
| Current liabilities | ||
| Accounts Payable | $11,700 | |
| Interest payable | $5,000 | |
| Total current liabilities [$11,700 + $5,000] | $16,700 | |
| Long-term liabilities | ||
| Long-term notes payable | $50,000 | |
| Total liabilities [$16,700 + $50,000] | $66,700 | |
| Equity | ||
| Common Stock | ($4,914) | |
| Retained Earnings [Refer statement of retained earnings below] | $144,464 | |
| Total equity [$144,464 - $4,914] | $139,550 | |
| Total Liabilities and Equity [$66,700 + $139,550] | $206,250 |
.
.
| WILSON TRUCKING COMPANY | |
| Statement of Retained Earnings | |
| For the Year Ended December 31 | |
| Retained Earnings, January 01 | $136,000 |
| Add: Net income [Refer income statement below] | $32,464 |
| $168,464 | |
| Less: Dividends | $24,000 |
| Retained Earnings, December 31 | $144,464 |
.
.
| WILSON TRUCKING COMPANY | ||
| Income Statement | ||
| For the Year Ended December 31 | ||
| Revenue: | ||
| Trucking fees earned | $126,000 | |
| Expenses: | ||
| Depreciation expense - Trucks | $21,658 | |
| Salaries Expense | $56,515 | |
| Office supplies expense | $5,000 | |
| Repairs expense - Trucks | $10,363 | |
| Total expenses [$21,658 + $56,515 + $5,000 + $10,363] | $93,536 | |
| Net income [$126,000 - $93,536] | $32,464 |
Add Answer to:
Credit Debit $ 7, 700 16,500 6,628 163,000 $ 33,578 46,000 Account Title Cash Accounts receivable...
Account Title Debit Credit Cash $ 8,100 Accounts receivable 27,500 Office supplies 8,030 Trucks 163,000 Accumulated...
Account Title
Debit
Credit
Cash
$
8,100
Accounts receivable
27,500
Office supplies
8,030
Trucks
163,000
Accumulated depreciation—Trucks
$
33,578
Land
47,000
Accounts payable
12,100
Interest payable
2,000
Long-term notes payable
39,000
Common stock
38,640
Retained earnings
137,000
Dividends
27,000
Trucking fees earned
130,000
Depreciation expense—Trucks
21,658
Salaries expense
68,474
Office supplies expense
9,000
Repairs expense—Trucks
12,556
Totals
$
392,318
$
392,318
Use the above adjusted trial balance to prepare Wilson Trucking
Company’s classified balance sheet as of December
31.
...
Account Title Debit Credit Cash $ 9,600 Accounts receivable 16,500 Office supplies 2,000 Trucks 185,000 Accumulated...
Account Title Debit Credit Cash $ 9,600 Accounts receivable 16,500 Office supplies 2,000 Trucks 185,000 Accumulated depreciation—Trucks $ 38,110 Land 75,000 Accounts payable 13,600 Interest payable 3,000 Long-term notes payable 52,000 Common stock 40,794 Retained earnings 137,500 Dividends 19,000 Trucking revenue 119,500 Depreciation expense—Trucks 24,581 Salaries expense 56,046 Office supplies expense 6,500 Repairs expense—Trucks 10,277 Totals $ 404,504 $ 404,504 Use the above adjusted trial balance to prepare Wilson Trucking Company’s classified balance sheet as of December 31. The Retained...
Credit Debit $ 8,800 22,5ee 8,113 172,eee $ 35,432 45, eee Account Title Cash Accounts receivable...
Credit Debit $ 8,800 22,5ee 8,113 172,eee $ 35,432 45, 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 KO Totals 12, see 3, eee 31. eee 53,898 139, eee 19,000 124, eee 22,854 69,178 19, eee 12.685 - $399, 130 $399, 138 Use the above adjusted trial balance to prepare Wilson Trucking...
Debit $ 5,000 16,500 2,000 187,000 Account Title Credit Cash Accounts receivable Office supplies Trucks 1.66...
Debit $ 5,000 16,500 2,000 187,000 Account Title Credit Cash Accounts receivable Office supplies Trucks 1.66 $ 38,522 Accumulated depreciation-Trucks polnts Land 75,000 9,000 3,000 52,000 41,590 139,000 Accounts payable Interest payable Long-term notes payable Common stock Retained earnings eBook Dividends 19,000 Trucking fees earned Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense-Trucks 123,000 24,847 57,687 Hint 8,500 10,578 $406,112 $406,112 Totals Print The Retained Earnings account balance was $139,000 at December 31 of the prior year. (1) Prepare...
Credit Debit $ 10,000 26,000 7,893 187,000 $ 38,522 40,000 Account Title Cash Accounts receivable Office...
Credit Debit $ 10,000 26,000 7,893 187,000 $ 38,522 40,000 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 14,000 16,000 55,000 42,861 135,000 45,000 122,000 24,847 67,302 3,000 12,341 $ 423,383 $ 423,383 Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of WILSON TRUCKING COMPANY...
Credit Debit $ 7,600 24,000 7,975 162,000 $ 33,372 43,000 Account Title Cash Accounts receivable Office...
Credit Debit $ 7,600 24,000 7,975 162,000 $ 33,372 43,000 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 11,600 6,000 52,000 14,603 139,000 24,000 129,000 21,525 68,005 15,000 12,470 $385,575 $385,575 Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31. WILSON TRUCKING...
Credit Debit $ 6,000 10,500 6,050 158,000 $ 32,548 47,000 Account Title Cash Accounts receivable Office...
Credit Debit $ 6,000 10,500 6,050 158,000 $ 32,548 47,000 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 10,000 17,000 61,000 99,045 18,000 126,000 20,993 51,590 18,000 19,460 $345,593 $345,593 Balance Shee December 31 Assets Liabilities Equity
Credit Debit $ 6,900 28,500 6,903 158,000 $ 32,548 44,000 Account Title Cash Accounts receivable Office...
Credit Debit $ 6,900 28,500 6,903 158,000 $ 32,548 44,000 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 10,900 20,000 39,000 -4,999 137,500 12,000 120,000 20,993 58,860 8,000 10,793 $354,949 $ 354,949 Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31. WILSON TRUCKING...
Credit Debit $ 9,400 28,000 6,573 190,000 $ 39, 140 45,000 Account Title Cash Accounts receivable...
Credit Debit $ 9,400 28,000 6,573 190,000 $ 39, 140 45,000 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, Vithdrawals Trucking fees earned Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense-Trucks Totals 13, 400 16,000 49,000 181,001 29,000 120,000 25, 245 56,046 19,000 10, 277 $418,541 $418, 541 Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of...
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 22,056 70,116 5,500 12,857 $ 394,529 $ 394,529 The K. Wilson, Capital account balance is $146.333...
Account Title
Debit
Credit
Cash
$
8,100
Accounts receivable
27,500
Office supplies
8,030
Trucks
163,000
Accumulated depreciation—Trucks
$
33,578
Land
47,000
Accounts payable
12,100
Interest payable
2,000
Long-term notes payable
39,000
Common stock
38,640
Retained earnings
137,000
Dividends
27,000
Trucking fees earned
130,000
Depreciation expense—Trucks
21,658
Salaries expense
68,474
Office supplies expense
9,000
Repairs expense—Trucks
12,556
Totals
$
392,318
$
392,318
Use the above adjusted trial balance to prepare Wilson Trucking
Company’s classified balance sheet as of December
31.
...
Credit Debit $ 8,800 22,5ee 8,113 172,eee $ 35,432 45, 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 KO Totals 12, see 3, eee 31. eee 53,898 139, eee 19,000 124, eee 22,854 69,178 19, eee 12.685 - $399, 130 $399, 138 Use the above adjusted trial balance to prepare Wilson Trucking...
Debit $ 5,000 16,500 2,000 187,000 Account Title Credit Cash Accounts receivable Office supplies Trucks 1.66 $ 38,522 Accumulated depreciation-Trucks polnts Land 75,000 9,000 3,000 52,000 41,590 139,000 Accounts payable Interest payable Long-term notes payable Common stock Retained earnings eBook Dividends 19,000 Trucking fees earned Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense-Trucks 123,000 24,847 57,687 Hint 8,500 10,578 $406,112 $406,112 Totals Print The Retained Earnings account balance was $139,000 at December 31 of the prior year. (1) Prepare...
Credit Debit $ 10,000 26,000 7,893 187,000 $ 38,522 40,000 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 14,000 16,000 55,000 42,861 135,000 45,000 122,000 24,847 67,302 3,000 12,341 $ 423,383 $ 423,383 Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of WILSON TRUCKING COMPANY...
Credit Debit $ 7,600 24,000 7,975 162,000 $ 33,372 43,000 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 11,600 6,000 52,000 14,603 139,000 24,000 129,000 21,525 68,005 15,000 12,470 $385,575 $385,575 Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31. WILSON TRUCKING...
Credit Debit $ 6,000 10,500 6,050 158,000 $ 32,548 47,000 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 10,000 17,000 61,000 99,045 18,000 126,000 20,993 51,590 18,000 19,460 $345,593 $345,593 Balance Shee December 31 Assets Liabilities Equity
Credit Debit $ 6,900 28,500 6,903 158,000 $ 32,548 44,000 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 10,900 20,000 39,000 -4,999 137,500 12,000 120,000 20,993 58,860 8,000 10,793 $354,949 $ 354,949 Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31. WILSON TRUCKING...
Credit Debit $ 9,400 28,000 6,573 190,000 $ 39, 140 45,000 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, Vithdrawals Trucking fees earned Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense-Trucks Totals 13, 400 16,000 49,000 181,001 29,000 120,000 25, 245 56,046 19,000 10, 277 $418,541 $418, 541 Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of...
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...
Most questions answered within 3 hours.
-
The tires of a car make 61 revolutions as the car reduces its
speed uniformly from...
asked 12 minutes ago -
Peabody, Inc., sells fireworks. The company’s marketing director
developed the following cost of goods sold budget...
asked 16 minutes ago -
A signal transduction pathway includes the steps listed
below.
1. An inactive signal transduction molecule is...
asked 15 minutes ago -
1. The correlation coefficient determined for two variables has
a value of 0.89. Describe, in words,...
asked 21 minutes ago -
The following data relate to direct materials costs for
November:
Actual costs
4,700 pounds at $5.35...
asked 19 minutes ago -
Kyle, a 95.0 kg football player, leaps straight up into the air
(with no horizontal velocity)...
asked 43 minutes ago -
Which of the following is a measure of profitability?
A.
Quick (acid-test) ratio
B.
Net sales...
asked 46 minutes ago -
Find the total pressure exerted by 2 grams of ethane and 3 grams
of CO2 contained...
asked 47 minutes ago -
A fireman standing on a 5.2 m high ladder operates a water hose
with a round...
asked 43 minutes ago -
A cream formulation is studied for accelerated stability study.
Creaming was observed when formulation was tested...
asked 46 minutes ago -
A 1,150 lumen light bulb is placed 37 cm in front of a mirrored
wall, whose...
asked 57 minutes ago -
Given that z is a standard normal random variable, compute the
following probabilities (to 4 decimals)....
asked 1 hour ago