Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following adjusted trial balance at December 31 of Wilson Trucking Company. Account Title Debit Credit Cash $ 8,000 Accounts receivable 17,500 Office supplies 3,000

The following adjusted trial balance at December 31 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 58,000
K. Wilson, Capital 170,000
K. Wilson, Withdrawals 20,000
Trucking revenue 130,000
Depreciation expenseTrucks 23,500
Salaries expense 61,000
Office supplies expense 8,000
Interest expense 12,000
Totals $ 410,000 $ 410,000

The K. Wilson, Capital account balance was $170,000 at December 31 of the prior year, and there were no owner investments during the year.

(1) COMPLTE the income statement for the year ended December 31.

(2) complete the statement of owner's equity for the year ended December 31.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: James Jiambalvo

7th Edition

1119577721, 978-1119577720

More Books

Students also viewed these Accounting questions

Question

=+b) Is this model appropriate for this series? Explain.

Answered: 1 week ago

Question

Always have the dignity of the other or others as a backdrop.

Answered: 1 week ago