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 Earnings account balance was $137,500 at December 31 of
the prior year.
Homework Answers
Answer :
Wilson Trucking Company
Balance Sheet
as of December 31
| Amount (in $) | |
| ASSETS | |
| Current Assets : | |
| Cash | $9,600 |
| Accounts receivable | $16,500 |
| Office supplies | $2,000 |
| Property, Plant and Equipment : | |
| Trucks $185,000 | |
| Less : Acc. Depreciation $38,110 | $146,890 |
| Land | $75,000 |
| TOTAL ASSETS | $249,990 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | |
| Current liabilities : | |
| Accounts payable | $13,600 |
| Interest payable | $3,000 |
| Long term liabilities : | |
| Long-term notes payable | $52,000 |
| Shareholders' equity : | |
| Common stock | $40,794 |
| Retained earnings (Note) | $140,596 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $249,990 |
Notes :
Ending Retained earnings :
= Beginning Retained earnings - Dividends + Net Profit
= $137,500 - $19,000 + (Service revenue - Expenses)
= $137,500 - $19,000 + ($119,500 - $24,581 - $56,046 - $6,500 - $10,277)
= $118,500 + $22,096
= $140,596
Add Answer to:
Account Title
Debit
Credit
Cash
$
9,600
Accounts receivable
16,500
Office supplies
2,000
Trucks
185,000
Accumulated...
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...
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 Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term...
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 $ 8,600 12,500 6,683 153,000 $ 31,518 48,000 12,600 14,000 53,000 -25,573 140,000 19,000 122,000 20,329 56,984 12,000 10, 449 $347,545 $347,545 Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31. WILSON TRUCKING...
cred Debit $ 9,600 13,000 6,683 165,000 $ 33,990 47,000 Cash Accounts receivable office supplies Trucks...
cred Debit $ 9,600 13,000 6,683 165,000 $ 33,990 47,000 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 13,600 3,000 49,000 -450 138,500 24,000 126,000 21,924 $6,984 9,000 10.449 $363,640 $363,640 Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31. SON TRICKING COMPANY WILSON...
Cash Dividends Account Title Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Land Accounts payable Interest...
Cash Dividends Account Title Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings Trucking fees earned Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense-Trucks Totals Debit Credit $ 6,800 18,000 8,113 170,000 $ 35,020 48,000 10,800 4,000 35,000 48,544 140,000 38,000 130,000 22,588 69,178 10,000 12,685 $ 403,364 $403,364 Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31. WILSON...
Credit Debit $ 7, 700 16,500 6,628 163,000 $ 33,578 46,000 Account Title Cash Accounts receivable...
Credit Debit $ 7, 700 16,500 6,628 163,000 $ 33,578 46,000 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, 7ee 5,000 50,000 -4,914 136, eee 24,000 126,eee 21, 658 56,515 5,000 10, 363 $ 357, 364 $ 357, 364 Use the above adjusted trial balance to prepare Wilson Trucking Company's WILSON...
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...
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...
Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation - Trucks Land Accounts payable Interest...
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 DebitCredit $ 5,400 14,000 7,948 157,000 $ 32,342 45,000 9,400 17,000 50,000 133,665 31,000 129,000 20,861 67,771 10,000 12,427 Totals $371,407 $371,407 WILSON TRUCKING COMPANY Balance Sheet December 31, 2015 Assets Liabilities Liabilities Equity
Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term...
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 $ 9,000 10,000 6,490 181,000 $ 37,286 42,000 13,000 8,000 61,000 122,743 14,000 123,000 24,049 55,342 13,000 10,148 $365,029 $ 365,029 Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31, 2017 WILSON...
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...
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 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 $ 8,600 12,500 6,683 153,000 $ 31,518 48,000 12,600 14,000 53,000 -25,573 140,000 19,000 122,000 20,329 56,984 12,000 10, 449 $347,545 $347,545 Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31. WILSON TRUCKING...
cred Debit $ 9,600 13,000 6,683 165,000 $ 33,990 47,000 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 13,600 3,000 49,000 -450 138,500 24,000 126,000 21,924 $6,984 9,000 10.449 $363,640 $363,640 Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31. SON TRICKING COMPANY WILSON...
Cash Dividends Account Title Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings Trucking fees earned Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense-Trucks Totals Debit Credit $ 6,800 18,000 8,113 170,000 $ 35,020 48,000 10,800 4,000 35,000 48,544 140,000 38,000 130,000 22,588 69,178 10,000 12,685 $ 403,364 $403,364 Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31. WILSON...
Credit Debit $ 7, 700 16,500 6,628 163,000 $ 33,578 46,000 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, 7ee 5,000 50,000 -4,914 136, eee 24,000 126,eee 21, 658 56,515 5,000 10, 363 $ 357, 364 $ 357, 364 Use the above adjusted trial balance to prepare Wilson Trucking Company's WILSON...
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...
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 DebitCredit $ 5,400 14,000 7,948 157,000 $ 32,342 45,000 9,400 17,000 50,000 133,665 31,000 129,000 20,861 67,771 10,000 12,427 Totals $371,407 $371,407 WILSON TRUCKING COMPANY Balance Sheet December 31, 2015 Assets Liabilities Liabilities Equity
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 $ 9,000 10,000 6,490 181,000 $ 37,286 42,000 13,000 8,000 61,000 122,743 14,000 123,000 24,049 55,342 13,000 10,148 $365,029 $ 365,029 Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31, 2017 WILSON...
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