The following adjusted year-end trial balance at December 31 of Wilson Trucking Company. Account Title Cash…
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Question “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 $ 8,000 16,500 2,000 193,000 $ 39,758 75,000 12,000 3,000 52,000 42,976 140,000 19,000 138,000 25,644 64,722 12,000 11,868 $427,734 $427,734 The Retained Earnings account balance was $140,000 at December 31 of the prior year. (1) Prepare the income statement for the year ended December 31. (2) Prepare the statement of retained earnings for the year ended December 31. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the income statement for the year ended December 31. WILSON TRUCKING COMPANY
Required 1 Required 2 Prepare the income statement for the year ended December 31. WILSON TRUCKING COMPANY Income Statement For Year Ended December 31 Revenues Expenses Total expenses < Required 1 Required 2 >
Required 1 Required 2 Prepare the statement of retained earnings for the year ended December 31. WILSON TRUCKING COMPANY Statement of Retained Earnings For Year Ended December 31 Retained earnings, December 31 prior year Retained earnings, December 31 current year < Required 1 Required 2 >
Answer
C 2 $ 138,000 B 1 WILSON TRACKING COMPANY 3 Income Statement Forf Year Ended Dec 31 4 Revenue 6 Trucking Fees Earned 6 Total Expenses 12 Net Income $ 114,234 8 Salaries expense $ 64.722 9 Office supplies $ 12,000 10 Repairs expense -Trucks $11,868 11 Total Expenses 12 Net Income $ 114,234 23 $ 23,766 13 WILSON TRUCKING COMPANY 15 Statement Of Retained earnings for December 31 year $ 144,766 21 Current year $ 13,766
A B s 138000 2 WILSON TRACKING COMPANY 3 Income Statement Forf Year Ended Dec 31 6 Revenue 5 Trucking Fees Earned 6 Total Expenses 12 12 Net Income =SUM(B7-B10) =+C5–C11 13 14 WILSON TRAUCKING COMPANY 15 Statement Of Retained Earnings 16 Year Ended Dec 31 17 Retained earnings December 31st year 140000 8 Salaries expense 64722 9 Supplies expense 12000 10 Repairs expense 11868 21 Dividends 1900021 Retained earnings for the current year, December 31st year =+B19-20
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