Ch 3: Assessment 3 Required information Saved Part 1 of 3 [The following information applies to the questions displayed below.] The following adjusted trial balance at December 31 of Wilson Trucking Company. Account Title Cash 10 points 01:19:06 Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings Dividends Trucking revenue Depreciation expense-Trucks Salaries expense Office supplies expense Interest expense Totals Debit $ 10,000 Credit 19,500 5,000 192,000 $ 38,000 105,000 18,000 6,000 68,000 40,000 150,000 22,000 150,000 25,500 67,000 10,000 14,000 $ 470,000 $ 470,000 Assessment i The Retained Earnings account balance was $150,000 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. Saved I Required information Complete this question by entering your answers in the tabs below. of 3 Required 1 Required 2 :19:00 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 information $ 0 0 < Required 1 170 Required 2 > 3 t1 of 3 The Retained Earnings account balance was $150,000 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. ts Complete this question by entering your answers in the tabs below. Required 1 Required 2 01:18:55 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 0 Retained earnings, December 31 current year $ 0 < Required 1 Required 2 > Help Save &