Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following adjusted trial balance at December 31 of Wilson Trucking Company. Credit Debit $ 8,600 18,100 3,600 178,000 $ 36,600 91,000 Account Title Cash
The following adjusted trial balance at December 31 of Wilson Trucking Company. Credit Debit $ 8,600 18,100 3,600 178,000 $ 36,600 91,000 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 revenue Depreciation expense-Trucks Salaries expense Office supplies expense Interest expense Totals 13,800 4,600 61,000 33,000 143,000 20,600 136,000 24,100 62,800 8,600 12,600 $ 428,000 $ 428,000 The Retained Earnings account balance was $143,000 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. Required 1 Required 2 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 1 Required 2 > Required 1 Required 2 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 Retained earnings, December 31 current year
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started