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whats is the income statement and statement of retained earnings? Chapter 3 Assignment i Saved 7 The following adjusted year-end trial balance at December 31

image text in transcribedwhats is the income statement and statement of retained earnings?
Chapter 3 Assignment i Saved 7 The following adjusted year-end trial balance at December 31 of Wilson Trucking Company 1 points eBook 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 $ 8,400 16,500 2,000 196,000 $ 40, 376 75,000 12,400 3,000 52,000 51,432 139,000 19,000 123,000 26,043 57,687 10,000 10,578 $421,208 $421, 208 Hint Print References The Retained Earnings account balance was $139,000 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. 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. WILSON TRUCKING COMPANY M

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