Use the following adjusted trial balance of Wilson Trucking Company to prepare the following for the year ended December 31, 2017: 1 - Income statement 2- Statement of owner's equity- The K. Wilson, Capital account balance at December 31, 2016 is $175,000. 3- Classified Balance Sheet WILSON TRUCKING COMPANY Adjusted Trial Balance December 31, 2017 Debit Credit Cash $8,000 Accounts Receivable 17,500 Office supplies 3,000 Trucks 172,000 Accumulated depreciation - Trucks $36,000 Land 85,000 Accounts payable 12,000 Interest payable 4,000 Long-term notes payable 53,000 K. Wilson, Capital 175,000 K. Wilson, Withdrawals 20,000 Trucking fees earned 130,000 Depreciation expense - Trucks 23,500 Salaries expense 61,000 Office supplies expense 8,000 Repairs expense - Trucks 12,000 Totals $410,000 $410,000 WILSON TRUCKING COMPANY Income Statement For Year Ended December 31, 2017 Trucking fees earned????????.??. Expenses Depreciation expense - Trucks???. Salaries expense???????????. Office supplies expense???????. Repairs Expense - Trucks??????.. Total expenses????????????. Net Income????????????????. WILSON TRUCKING COMPANY Statement of Owner's Equity For Year Ended December 31, 2017 K. Wilson, Capital, December 31, 2016 Add: Net Income???????????. Less: Withdrawals??????????.. K. Wilson, Capital, December 31, 2017 WILSON TRUCKING COMPANY Classified Balance Sheet December 31, 2017 Assets Current assets Cash??????????????????????????? Accounts receivable?????????????????. Office Supplies????????????????????. Total current assets?????????????????. Plant Assets Trucks?????????????????????????. Accumulated depreciation - Trucks????????.. Land Total plant assets??????????????????.. Total assets???????????????????????? Liabilities Current liabilities Accounts payable??????????????????.. Interest payable???????????????????. Total current liabilities???????????????.. Long-term notes payable????????????????. Total Liabilities?????????????????????? Equity K. Wilson, Capital ????????????????????.. Total liabilities and equity???????????????? Using the same adjusted trial balance, compute the current ratio as of the balance sheet date (round to two decimals). Interpret the current ratio for the Wilson Trucking Company. (Assume the industry average for the current ratio is 1.5). Current ratio = Current assets = = Current liabilities Interpretation:

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ACCT110 Week 4 - Chapter 4 Homework Every response is 1 pt. Each except in the worksheet - the responses there are worth 1/2 pt. each. The following unadjusted trial balance contains the accounts and balances of Dylan Delivery Company as of Dece Unadjusted Trial Balance Account Title Debit Cash $16,000 Accounts receivable 34,000 Office supplies 5,000 Trucks 350,000 Accumulated depreciation - Trucks Land 160,000 Accounts Payable Interest payable Long-term notes payable S. Dylan, Capital S. Dylan, Withdrawals 34,000 Delivery fees earned Depreciation expense - Truck 40,000 Salaries expense 110,000 Office supplies expense 15,000 Interest expense 5,000 Repairs expense - Trucks 10,000 Totals $779,000 Credit $80,000 24,000 5,000 100,000 307,000 263,000 $779,000 Use the following information about the company's adjustments to complete a 10-column work sheet.( I find it e a: Unrecorded depreciation on the trucks at the end of the year is $40,000. b: The total amount of accrued interest expense at year-end is $6,000. c: The cost of unused office supplies still available at year-end is $2,000. a: Depreciation Expense-Truck........................... Accumulated Depreciation -Truck........... b: Interest Expense............................................... Interest Payable.......................................... 40,000 Debit Credit 40,000 6,000 Debit Credit 6,000 c: Office supplies expense.................................. Office supplies............................................ 3,000 Debit Credit 3,000 DYLAN DELIVERY COMPANY Work Sheet For Year Ended December 31, 2017 Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation - Trucks Land Accounts Payable Interest payable Long-term notes payable S. Dylan, Capital S. Dylan, Withdrawals Delivery fees earned Depreciation expense - Truck Salaries expense Office supplies expense Interest expense Repairs expense - Trucks Totals Net Income Totals Unadjusted Trial Balance Debit Credit $16,000 34,000 5,000 350,000 $80,000 160,000 24,000 5,000 100,000 307,000 34,000 263,000 40,000 110,000 15,000 5,000 10,000 $779,000 $779,000 Adjustments Debit Credit 3,000 40,000 6,000 40,000 3,000 6,000 49,000 49,000 Prepare the year-end closing entries for this company and determine the capital amount to be reported on its yea Delivery Fees Earned...................................... Income Summary...................................... 263,000 263,000 Income Summary............................................ Depreciation Expense-Trucks.................. Salaries Expense....................................... Office Supplies Expense........................... Interest Expense....................................... Repairs Expense - Trucks......................... 229,000 Income Summary............................................ S. Dylan, Capital........................................ 34,000 S. Dylan, Capital.............................................. S. Dylan, Withdrawals.............................. 34,000 80,000 110,000 18,000 11,000 10,000 34,000 34,000 S. Dylan, Capital on the balance sheet Beginning Balance............................................. Add: Net income........................................... $307,000 34,000 Less: Withdrawals......................................... Ending balance.................................................. 34,000 $307,000 Please go to next page in this workbook for the next problem! ery Company as of December 31,2017. n work sheet.( I find it easier to write the adjusting journal entries first.) (Don't forget the description for each entry.) VERY COMPANY rk Sheet December 31, 2017 Adjusted Trial Balance Debit Credit 16,000 34,000 2,000 350,000 120,000 160,000 24,000 11,000 100,000 307,000 34,000 263,000 80,000 110,000 18,000 11,000 10,000 825,000 825,000 Income Statement Debit Credit o be reported on its year-end balance sheet. Balance Sheet & Statement of Owner's Equity Debit Credit 16,000 34,000 2,000 350,000 120,000 160,000 24,000 11,000 100,000 307,000 34,000 263,000 80,000 110,000 18,000 11,000 10,000 229,000 34,000 263,000 263,000 596,000 263,000 596,000 562,000 34,000 596,000 The following adjusted trial balance contains the accounts and balances of Cruz Company as of December 31, 2 No. 101 126 128 167 168 301 302 404 612 622 637 640 652 Adjusted Trial Balance Account Title Debit Cash $19,000 Supplies 13,000 Prepaid Insurance 3,000 Equipment 24,000 Accumulated depreciation - Equipment T. Cruz, Capital T. Cruz, Withdrawals 7,000 Services revenue Depreciation expense- Equipment 3,000 Salaries expense 22,000 Insurance expense 2,500 Rent expense 3,400 Supplies expense 2,200 Totals $99,100 Credit $7,500 47,600 44,000 $99,100 Prepare the December 31, 2017 closing entries for Cruz Company. Assume the account number for Income Sum (Don't forget your brief description for each entry.) 2017 Dec. 31 Services Revenue...................................... Income Summary................................. Acct. No. 404 901 31 Income Summary...................................... Depreciation Expense - Equipment... Salaries Expense................................... Insurance Expense............................... Rent Expense....................................... Supplies Expense................................. 901 612 622 637 640 653 31 Income Summary..................................... T. Cruz, Capital..................................... 901 301 31 T. Cruz, Capital.......................................... T. Cruz, Withdrawals........................... 301 302 Prepare the December 31,2017 post-closing trial balance for Cruz Company. CRUZ COMPANY Post-closing Trial Balance December 31, 2017 Debit Cash............................................................. Supplies....................................................... Prepaid Insurance...................................... Equipment.................................................. Accumulated depreciation - Equipment. T. Cruz, Capital........................................... Totals.......................................................... Continue to page 3. Credit y as of December 31, 2017, the end of it's fiscal year. number for Income Summary is 901. Use the following adjusted trial balance of Wilson Trucking Company to prepare the following for the year end 1 - Income statement 2- Statement of owner's equity - The K. Wilson, Capital account balance at December 31, 2016 is $175,000. 3- Classified Balance Sheet WILSON TRUCKING COMPANY Adjusted Trial Balance December 31, 2017 Debit Cash $8,000 Accounts Receivable 17,500 Office supplies 3,000 Trucks 172,000 Accumulated depreciation - Trucks Land 85,000 Accounts payable Interest payable Long-term notes payable K. Wilson, Capital K. Wilson, Withdrawals 20,000 Trucking fees earned Depreciation expense - Trucks 23,500 Salaries expense 61,000 Office supplies expense 8,000 Repairs expense - Trucks 12,000 Totals $410,000 WILSON TRUCKING COMPANY Income Statement For Year Ended December 31, 2017 Trucking fees earned................................ Expenses Depreciation expense - Trucks.......... Salaries expense.................................. Office supplies expense...................... Repairs Expense - Trucks.................... Total expenses..................................... Net Income................................................. WILSON TRUCKING COMPANY Statement of Owner's Equity For Year Ended December 31, 2017 K. Wilson, Capital, December 31, 2016 Credit $36,000 12,000 4,000 53,000 175,000 130,000 $410,000 Add: Net Income.................................. Less: Withdrawals................................ K. Wilson, Capital, December 31, 2017 WILSON TRUCKING COMPANY Classified Balance Sheet December 31, 2017 Assets Current assets Cash................................................................................. Accounts receivable.................................................... Office Supplies............................................................. Total current assets.................................................... Plant Assets Trucks............................................................................ Accumulated depreciation - Trucks.......................... Land Total plant assets........................................................ Total assets........................................................................ Liabilities Current liabilities Accounts payable........................................................ Interest payable.......................................................... Total current liabilities............................................... Long-term notes payable................................................. Total Liabilities.................................................................. Equity K. Wilson, Capital .............................................................. Total liabilities and equity................................................ Using the same adjusted trial balance, compute the current ratio as of the balance sheet date (round to two de Interpret the current ratio for the Wilson Trucking Company. (Assume the industry average for the current ratio Current ratio = Interpretation: Current assets Current liabilities = llowing for the year ended December 31, 2017: 31, 2016 is $175,000. et date (round to two decimals). rage for the current ratio is 1.5). =