11 Exercise 3-7 Preparing financial statements LO P3 The following is the adjusted trial balance of Wilson Trucking Company Ints Credit Debit $ 8,000 17,500 3,000 172,000 eBook $ 36,000 85,000 Hint 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 53,000 20,004 155,000 20,000 Print 130,000 23,500 61,000 8,000 12,000 References $410,000 $410,000 The Retained Earnings account balance is $155,000 at December 31, 2016. (1) Prepare the income statement for the year ended December 31, 2017 (2) Prepare the statement of retained earnings for the year ended December 31, 2017 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, 2017. WILSON TRUCKING COMPANY Income Statement For Year Ended December 31, 2017 Revenues Expenses Total expenses Required 2 > Mc 11 Exercise 3-7 Preparing financial statements LO P3 The following is the adjusted trial balance of Wilson Trucking Company 1 points Credit Debit $ 8,000 17,500 3,000 172,000 eBook $ 36,000 85,000 100 Hint 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 53,000 20,000 155,000 Print 20,000 130,000 0 References 23,500 61,000 8,000 12,000 $410,000 $410,000 The Retained Earnings account balance is $155,000 at December 31, 2016 (1) Prepare the income statement for the year ended December 31, 2017 (2) Prepare the statement of retained earnings for the year ended December 31, 2017 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the statement of retained earnings for the year ended December 31, 2017 WILSON TRUCKING COMPANY Statement of Retained Earnings For Year Ended December 31, 2017 Retained earnings December 31, 2016 Retained earnings December 31, 2017