Homework Answers
Income statement
| Revenue | ||
| Trucking fees earned | 130000 | |
| Total revenue | 130000 | |
| Expense | ||
| Depreciation expense-trucks | 23500 | |
| Salaries expense | 61000 | |
| Office supplies expense | 8000 | |
| Repairs expense-trucks | 12000 | |
| Total expense | 104500 | |
| Net income | 25500 | |
Statement of retained earnings
| Retained earnings, December 31 prior year | 155000 |
| Add: Net income | 25500 |
| 180500 | |
| Less: Dividend | -20000 |
| Retained earnings,December 31, Current year | 160500 |
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The following adjusted year-end trial balance at December 31 of Wilson Trucking Company. Credit Debit $...
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.Account TitleDebitCreditCash$8,000Accounts receivable17,500Office supplies3,000Trucks172,000Accumulated depreciation—Trucks$36,000Land85,000Accounts payable12,000Interest payable4,000Long-term notes payable53,000Common stock20,000Retained earnings, December 31, 2017155,000Dividends20,000Trucking fees earned130,000Depreciation expense—Trucks23,500Salaries expense61,000Office supplies expense8,000Repairs expense—Trucks12,000Totals$410,000$410,000Prepare its balance sheet as of December 31, 2018.
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 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...
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, eee 16,500 2, eee 184, eee $ 37,904 75, 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 1e, eee 3, eee 52, eee 41, 691 135, eee 19, eee 134, see 24,448 63,80 12,500 11,567...
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 ...
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. Account Title Cash...
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...
The following adjusted year-end trial balance at December 31 of Wilson Trucking Company. Debit 7,900 16,500...
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 adjusted year-end trial balance at December 31 of Wilson Trucking Company. Account Title Cash...
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 $ 9,9ee 16,5ee 2,000 175, eee $ 36,050 75, eee 13,900 3, eee 52, eee 22,902 138, eee 19, eee 140, wee 23,252 65,660 7,5ee 12,840 $405,852 $405,852 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 $ 9,800 Accounts receivable 16,500 Office supplies 2,000 Trucks 195,000 Accumulated depreciation—Trucks $ 40,170 Land 75,000 Accounts payable 13,800 Interest payable 3,000 Long-term notes payable 52,000 Common stock 38,828 Retained earnings 140,000 Dividends 19,000 Trucking revenue 142,500 Depreciation expense—Trucks 25,910 Salaries expense 66,833 Office supplies expense 8,000 Repairs expense—Trucks 12,255 Totals $ 430,298 $ 430,298 Use the above-adjusted trial balance to prepare...
The following is the adjusted year-end trial balance at December
31, 2018, of Wilson Trucking Company.Account TitleDebitCreditCash$8,000Accounts receivable17,500Office supplies3,000Trucks172,000Accumulated depreciation—Trucks$36,000Land85,000Accounts payable12,000Interest payable4,000Long-term notes payable53,000Common stock20,000Retained earnings, December 31, 2017155,000Dividends20,000Trucking fees earned130,000Depreciation expense—Trucks23,500Salaries expense61,000Office supplies expense8,000Repairs expense—Trucks12,000Totals$410,000$410,000Prepare its balance sheet as of December 31, 2018.
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, 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...
The following adjusted year-end trial balance at December 31 of Wilson Trucking Company Credit Debit $ 6, eee 16,500 2, eee 184, eee $ 37,904 75, 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 1e, eee 3, eee 52, eee 41, 691 135, eee 19, eee 134, see 24,448 63,80 12,500 11,567...
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...
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 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 $ 9,9ee 16,5ee 2,000 175, eee $ 36,050 75, eee 13,900 3, eee 52, eee 22,902 138, eee 19, eee 140, wee 23,252 65,660 7,5ee 12,840 $405,852 $405,852 The...
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