Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following is the adjusted trial balance of Wilson Trucking Company. Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest
The following is the adjusted trial balance of Wilson Trucking Company. 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 expense-Trucks Salaries expense Office supplies expense Repairs expense-Trucks Totals Debit Credit $ 8,900 16,500 2,000 193,000 $ 39,758 75,000 12,900 3,000 52,000 18,000 160,031 19,000 139,000 25,644 65,191 7,500 11,954 $ 424,689 $424,689 The Retained Earnings account balance is $160,031 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 Required 1 Required 2 Prepare the statement of retained earnings for the year ended December 31, 2017. WILSON TRUCKING COMPANY Statement of Retained Earnings For Year Ended December 31, 2017 Retained earnings, December 31, 2016 0 Retained earnings, December 31, 2017 $ 0
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