Question
I am unable to do the balance sheet, statement of retained earnings, and the income statement. My balance sheet is balanced, but for some reason
I am unable to do the balance sheet, statement of retained earnings, and the income statement. My balance sheet is balanced, but for some reason something else is wrong.
The following is the adjusted year-end trial balance at December 31, 2018, of Wilson Trucking Company
Account Title | Debit | Credit | ||||
Cash | $ | 7,300 | ||||
Accounts receivable | 17,500 | |||||
Office supplies | 3,900 | |||||
Trucks | 179,000 | |||||
Accumulated depreciationTrucks | $ | 41,000 | ||||
Land | 82,200 | |||||
Accounts payable | 12,300 | |||||
Interest payable | 3,700 | |||||
Long-term notes payable | 61,000 | |||||
Common stock | 20,600 | |||||
Retained earnings, December 31, 2017 | 151,000 | |||||
Dividends | 19,000 | |||||
Trucking fees earned | 131,000 | |||||
Depreciation expenseTrucks | 22,600 | |||||
Salaries expense | 68,000 | |||||
Office supplies expense | 8,200 | |||||
Repairs expenseTrucks | 12,900 | |||||
Totals | $ | 420,600 | $ | 420,600 | ||
My Work:
WILSON TRUCKING COMPANYIncome StatementFor Year Ended December 31, 2018RevenuesTrucking fees earned$131,000ExpensesDepreciation expenseTrucks$22,600Salaries expense68,000Office supplies expense8,200Repairs expenseTrucks12,900Total expenses111,700Net income$19,300
WILSON TRUCKING COMPANYStatement of Retained EarningsFor Year Ended December 31, 2018Retained earnings, December 31, 2017$151,000Add: Net income19,300170,300Less: Dividends19,000Retained earnings, December 31, 2018$151,300
WILSON TRUCKING COMPANYBalance SheetDecember 31, 2018AssetsCash$7,300Accounts receivable17,500Office supplies3,900Trucks179,000Accumulated depreciation-Trucks(41,000)Land82,200$248,900LiabilitiesAccounts payable$12,300Interest payable3,700Long-term notes payable61,000$77,000EquityCommon stock$20,600Retained earnings151,300$171,900Total liabilities and equity$248,900
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