Just having a hard time with the last part. Thanks in Advance!
Homework Answers
Income statement
| Trucking fee earned | 130,000 | |
| Less: Expenses | ||
| Depreciation expense | 23,500 | |
| Salaries expense | 61,000 | |
| Office supplies expense | 8,000 | |
| Repair expense | 12,000 | - 104,500 |
| Net income | 25,500 |
Transfer to retained earnings = Net income - cash dividend paid
= 25,500 - 20,000
= $5,500
Retained earnings at the end = 155,000 + 5,500
= $160,500
In the solution given by you, in the equity section, replace retained earnings and cash by correct amount of retained earnings $160,500. Cash is not a part of equity.
Kindly give a positive rating if you are satisfied with the answer. Feel free to ask if you have any doubts. Thanks.
Add Answer to:
Just having a hard time with the last part. Thanks in
Advance!
5 Debit $8,000 Account...
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.
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 ...
Credit Debit $ 8,000 17,500 3,000 172,000 $ 36,000 85, eee Account Title Cash Accounts receivable...
Credit Debit $ 8,000 17,500 3,000 172,000 $ 36,000 85, 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, December 31, 2017 Dividends Trucking fees earned Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense-Trucks Totals 12,000 4,000 53,000 20,000 155,000 20,000 130,000 23,500 61,000 8,000 12,000 $410,000 $410,000 (1) Prepare the income statement for the year ended December 31, 2018. (2) Prepare the statement of...
Requirea information [The following information applies to the questions displayed below.] The following is the adjusted...
Requirea information [The following information applies to the questions displayed below.] The following is the adjusted year-end trial balance at December 31, 2018, of Wilson Trucking Company Credit Debit $ 8,000 17,500 3,000 172,000 $ 36,000 85, 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, December 31, 2017 Dividends Trucking fees earned Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense-Trucks Totals 12,000 4,000 53,000...
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 $ 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...
Record and post the necessary closing entries for Business Solutions. Then prepare a post-closing trial balance...
Record and post the necessary closing entries for Business
Solutions. Then prepare a post-closing trial balance as of December
31..After the success of the company's first two months, K. Wilson
continues to operate Business Solutions. The December 31, adjusted
trial balance of Business Solutions follows?.
I need the business solution post closing trial balance.
December 31st.
Account Title Credit $ 8,000 7,500 3,000 172,000 Office supplies Trucks $ 36,000 Accounts payable Interest payable Long-term notes payable K Wilson, Capital K....
Pablo Management has five employees, each of whom earns $250 per day. They are paid on...
Pablo Management has five employees, each of whom earns $250 per day. They are paid on Fridays for work completed Monday through Friday of the same week. Near year-end, the five employees worked Monday, December 31, and Wednesday through Friday. January 2,3, and 4. New Year's Day (January 1) was an unpaid holiday. Prepare the year-end adjusting entry for wages expense and record payment of the employees' wages on Friday, January 4. Answer is complete but not entirely correct. No...
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 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...
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
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.
Credit Debit $ 8,000 17,500 3,000 172,000 $ 36,000 85, 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, December 31, 2017 Dividends Trucking fees earned Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense-Trucks Totals 12,000 4,000 53,000 20,000 155,000 20,000 130,000 23,500 61,000 8,000 12,000 $410,000 $410,000 (1) Prepare the income statement for the year ended December 31, 2018. (2) Prepare the statement of...
Requirea information [The following information applies to the questions displayed below.] The following is the adjusted year-end trial balance at December 31, 2018, of Wilson Trucking Company Credit Debit $ 8,000 17,500 3,000 172,000 $ 36,000 85, 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, December 31, 2017 Dividends Trucking fees earned Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense-Trucks Totals 12,000 4,000 53,000...
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...
Record and post the necessary closing entries for Business
Solutions. Then prepare a post-closing trial balance as of December
31..After the success of the company's first two months, K. Wilson
continues to operate Business Solutions. The December 31, adjusted
trial balance of Business Solutions follows?.
I need the business solution post closing trial balance.
December 31st.
Account Title Credit $ 8,000 7,500 3,000 172,000 Office supplies Trucks $ 36,000 Accounts payable Interest payable Long-term notes payable K Wilson, Capital K....
Pablo Management has five employees, each of whom earns $250 per day. They are paid on Fridays for work completed Monday through Friday of the same week. Near year-end, the five employees worked Monday, December 31, and Wednesday through Friday. January 2,3, and 4. New Year's Day (January 1) was an unpaid holiday. Prepare the year-end adjusting entry for wages expense and record payment of the employees' wages on Friday, January 4. Answer is complete but not entirely correct. No...
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 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...
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
Most questions answered within 3 hours.
-
A .15kg rubber ball is bounced off a wall. Before hitting the
wall, the ball moves...
asked 29 minutes ago -
A manufacturing company preparing to build a new plant is
considering three potential locations for it....
asked 30 minutes ago -
B. If compound Y has approximately the same values of solubility
in toluene as compound X,...
asked 1 hour ago -
Oscar Inc. has inventory in Japan valued at 39,051,000 Yen one
year ago. One year ago...
asked 1 hour ago -
If Canada suffered from "fundamental disequilibrium," and its
government choose not to devalue its currency, a...
asked 1 hour ago -
4. How many input & output Key Value Pairs are passed into,
and emitted out of...
asked 1 hour ago -
Why would your heart not function well if constructed of
skeletal muscle? What is the particular...
asked 1 hour ago -
Please respond to this essay question in full essay form for
Chemistry 1102 Organic and Biochemistry:...
asked 1 hour ago -
Determine the head loss and velocity of flow in a water supply main
of 15.0 cm...
asked 1 hour ago -
A marketing executive who knowingly authorizes a shoddy
defective product to be brought to market is...
asked 1 hour ago -
Write a psudocode:
1. Define a function called authorize that takes in 2 strings,
uName, and...
asked 1 hour ago -
What Hall voltage (in mV) is produced by a 0.180 T field applied
across a 2.60...
asked 1 hour ago