Use the following adjusted trial balance of Wilson Trucking Company to prepare the (1) Income statement and
Question:
(1) Income statement and
(2) Statement of retained earnings for the year ended December 31, 2016. The Retained Earnings account balance is $155,000 at December 31, 2015.
Transcribed Image Text:
Account Title Debit Credit Accounts recelvable. Office supplies Trucks Accumulated depreclation-Trucks $ 8,000 7,500 3,000 72,000 $36,000 85,000 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 53,000 20,000 155,000 20,000 30,000 23,500 8,000 2,000 $410,000 $410,000
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1 WILSON Trucking CoMPANY Income Statement For Year Ended December 31 2016 Trucking fees earned 130...View the full answer
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Related Book For
Financial Accounting Information for Decisions
ISBN: 978-1259533006
8th edition
Authors: John J. Wild
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