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Exercise 3-7 Preparing financial statements LO P3 The following is the adjusted trial balance of Wilson Trucking Company. Account Title Debit Credit Cash $ 8,000
Exercise 3-7 Preparing financial statements LO P3
The following is the adjusted trial balance of Wilson Trucking Company.
Account Title | Debit | Credit | ||||
Cash | $ | 8,000 | ||||
Accounts receivable | 17,500 | |||||
Office supplies | 3,000 | |||||
Trucks | 172,000 | |||||
Accumulated depreciationTrucks | $ | 36,000 | ||||
Land | 85,000 | |||||
Accounts payable | 12,000 | |||||
Interest payable | 4,000 | |||||
Long-term notes payable | 53,000 | |||||
Common stock | 20,000 | |||||
Retained earnings | 155,000 | |||||
Dividends | 20,000 | |||||
Trucking fees earned | 130,000 | |||||
Depreciation expenseTrucks | 23,500 | |||||
Salaries expense | 61,000 | |||||
Office supplies expense | 8,000 | |||||
Repairs expenseTrucks | 12,000 | |||||
Totals | $ | 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.
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