Homework Answers
Before preparing Balance sheet, here we have to prepare income statement and statement of retained earnings to calculate ending balance of retained earnings .
WILSON TRUCKING COMPANY
Income statement
For the year ended December 31
| Service revenue | |
| Trucking fees earned | $ 127,000 |
| Expenses : | |
| Depreciation expenses - Trucks | $ 24,315 |
| Salaries expense | 67,302 |
| Office supplies expense | 5000 |
| Repairs expense - Trucks | 12,341 |
| Total expenses | $ 108,958 |
| Net income | $ 18,042 |
WILSON TRUCKING COMPANY
Statement of retained earnings
December 31
| Balance of retained earnings | $ 137,500 |
| Add: Net income | $ 18,042 |
| $ 155,542 | |
| Less: Dividend | $ 26,000 |
| Closing balance of retained earnings | $ 129,542 |
WILSON TRUCKING COMPANY
Balance Sheet
December 31
| Assets | ||
| Current assets | ||
| Cash | $ 8,300 | |
| Accounts receivable | 18,000 | |
| Office Supplies | 7,893 | |
| Total current assets | 34,193 | |
| Non current assets | ||
| Trucks | 183,000 | |
| Accumulated depreciation | (37,698) | 145,302 |
| Land | 48,000 | |
| Total non current assets | 193,302 | |
| Total assets | 227,495 | |
| Liabilities | ||
| Current liabilities | ||
| Accounts payable | $ 12,300 | |
| Interest payable | 13,000 | |
| Total current liabilities | 25,300 | |
| Non current liabilities | ||
| Long term notes payable | 45,000 | |
| Total liabilities | 70,300 | |
| Equity | ||
| Common stock | 27,653 | |
| Retained earnings ( see statement of retained earnings) | 129,542 | |
| Total equity | 157,195 | |
| Total liabilities and equity | 227,495 |
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im only missing retained earnings. it keeps marking it as
wrong when i do the math...
IM NOT SURE WHERE I MESSED UP PLEASE LET ME KNOW WHERE AND HOW YOU GOT...
IM NOT SURE WHERE I MESSED UP PLEASE LET ME KNOW WHERE
AND HOW YOU GOT IT. THANK YOU
$ 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 Debit Credit 7,400 16,000 6,820 179,000 $ 36,874 44,000 11,400 13,000 34,000 154,550 28,000 128,000 23,784 58,156 4,000 10,664 Totals $ 377,824 $ 377,824...
Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of...
Use
the above adjusted trial balance to prepare Wilson Trucking
Company's classified balance sheet as of December 31
Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31. Answer is not complete. WILSON TRUCKING COMPANY Balance Sheet December 31 Assets 9.600 Current assets Cash Accounts receivable Office supplies 20,500 7,040 37.140 $ 171,000 35,226 135,774 Total current assets Plant assets Trucks Accumulated depreciation-Trucks Land Total plant assets Total assets Liabilities 135,774 172,914...
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...
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...
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...
G Account Title Cash Accounts receivable office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable...
G Account Title Cash Accounts receivable office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings Dividenda Trucking fees earned Depreciation expense-Trucks Salaries expense office supplies expense Repairs expense-Trucks Totals Debit Credit $ 8,800 17,500 7,838 181,000 $ 37,286 47,000 12,800 11,000 69,000 1,689 136,500 12,000 121,000 24,049 66,833 12,000 12, 255 $389,275 $389,275 Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31. WILSON...
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...
why the answer is not completed 3: Homework Saved Check my work mode : This shows...
why the answer is not completed
3: Homework Saved Check my work mode : This shows what is correct or incorrect for the work you ha Exercise 3-12 Preparing a classified balance sheet LO C3 Credit Debit $ 5,900 14,500 8,113 195,000 $ 40,170 41,000 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 ottice supplies expense Repairs expense-Trucks...
Exercise 4-12 Preparing a classified balance sheet LO C3 Account Title Debit Credit Cash $ 6,900...
Exercise 4-12 Preparing a classified balance sheet LO C3 Account Title Debit Credit Cash $ 6,900 Accounts receivable 24,500 office supplies 7,480 Trucks 156,000 Accumulated depreciation Trucks $ 32,136 Land 48,000 Accounts payable 10,900 Interest payable 3,000 Long-term notes 60,000 payable x. Wilson, Capital 149,052 x. Wilson, 36,000 Withdrawals Trucking fees carned 125,000 Depreciation expense -Trucks 20,728 Salaries expense 63,784 office supplies expense 5,000 Repairs expense- Trucks 11,696 Totals $380,088 $380,086 Use the above adjusted trial balance to prepare Wilson...
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...
IM NOT SURE WHERE I MESSED UP PLEASE LET ME KNOW WHERE
AND HOW YOU GOT IT. THANK YOU
$ 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 Debit Credit 7,400 16,000 6,820 179,000 $ 36,874 44,000 11,400 13,000 34,000 154,550 28,000 128,000 23,784 58,156 4,000 10,664 Totals $ 377,824 $ 377,824...
Use
the above adjusted trial balance to prepare Wilson Trucking
Company's classified balance sheet as of December 31
Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31. Answer is not complete. WILSON TRUCKING COMPANY Balance Sheet December 31 Assets 9.600 Current assets Cash Accounts receivable Office supplies 20,500 7,040 37.140 $ 171,000 35,226 135,774 Total current assets Plant assets Trucks Accumulated depreciation-Trucks Land Total plant assets Total assets Liabilities 135,774 172,914...
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...
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...
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...
G Account Title Cash Accounts receivable office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings Dividenda Trucking fees earned Depreciation expense-Trucks Salaries expense office supplies expense Repairs expense-Trucks Totals Debit Credit $ 8,800 17,500 7,838 181,000 $ 37,286 47,000 12,800 11,000 69,000 1,689 136,500 12,000 121,000 24,049 66,833 12,000 12, 255 $389,275 $389,275 Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31. WILSON...
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...
why the answer is not completed
3: Homework Saved Check my work mode : This shows what is correct or incorrect for the work you ha Exercise 3-12 Preparing a classified balance sheet LO C3 Credit Debit $ 5,900 14,500 8,113 195,000 $ 40,170 41,000 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 ottice supplies expense Repairs expense-Trucks...
Exercise 4-12 Preparing a classified balance sheet LO C3 Account Title Debit Credit Cash $ 6,900 Accounts receivable 24,500 office supplies 7,480 Trucks 156,000 Accumulated depreciation Trucks $ 32,136 Land 48,000 Accounts payable 10,900 Interest payable 3,000 Long-term notes 60,000 payable x. Wilson, Capital 149,052 x. Wilson, 36,000 Withdrawals Trucking fees carned 125,000 Depreciation expense -Trucks 20,728 Salaries expense 63,784 office supplies expense 5,000 Repairs expense- Trucks 11,696 Totals $380,088 $380,086 Use the above adjusted trial balance to prepare Wilson...
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...
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