Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following is the adjusted trial balance of Wilson Trucking Company. Debit Credit Account Title Cash Accounts receivable Office supplies $ 6,400 16,500 2,000 183,000
The following is the adjusted trial balance of Wilson Trucking Company. Debit Credit Account Title Cash Accounts receivable Office supplies $ 6,400 16,500 2,000 183,000 Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable K. Wilson, Capital K. Wilson, withdrawals Trucking fees earned $ 37,698 75,000 10,400 3,000 52,000 180,435 19,000 128,500 Depreciation expense-Trucks Salaries expense Office supplies expense 24,315 60,267 14,500 11,051 Repairs expense-Trucks Totals 412,033 412,033 The K. Wilson, Capital account balance is $180,435 at December 31, 2016. (1) Prepare the income statement for the year ended December 31, 2017. (2) Prepare the statement of owner's equity for the year ended December 31, 2017. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the income statement for the year ended December 31, 2017 WILSON TRUCKING COMPANY Income Statement For Year Ended December 31, 2017 Revenues Expenses
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