Question
The following adjusted year-end trial balance at December 31 of Wilson Trucking Company. Account Title Debit Credit Cash $ 10,000 Accounts receivable 16,500 Office supplies
The following adjusted year-end trial balance at December 31 of Wilson Trucking Company. Account Title Debit Credit Cash $ 10,000 Accounts receivable 16,500 Office supplies 2,000 Trucks 179,000 Accumulated depreciationTrucks $ 36,874 Land 75,000 Accounts payable 14,000 Interest payable 3,000 Long-term notes payable 52,000 Common stock 30,218 Retained earnings 135,000 Dividends 19,000 Trucking fees earned 146,500 Depreciation expenseTrucks 23,784 Salaries expense 68,709 Office supplies expense 11,000 Repairs expenseTrucks 12,599 Totals $ 417,592 $ 417,592 The Retained Earnings account balance was $135,000 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.
The following adjusted year-end trial balance at December 31 of Wilson Trucking Company. Credit Debit $ 10,000 16,500 2,000 179,000 $ 36,874 75,000 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 fees earned Depreciation expenseTrucks Salaries expense office supplies expense Repairs expenseTrucks Totals 14,000 3,000 52,000 30,218 135,000 19,000 146,500 23,784 68,709 11,000 12,599 $417,592 $417,592 The Retained Earnings account balance was $135,000 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 31Step by Step Solution
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