Question

The following adjusted year-end trial balance at December 31 of Wilson Trucking Company. Account Title Debit...

The following adjusted year-end trial balance at December 31 of Wilson Trucking Company.

Account Title Debit Credit
Cash $ 8,900
Accounts receivable 16,500
Office supplies 2,000
Trucks 160,000
Accumulated depreciation—Trucks $ 32,960
Land 75,000
Accounts payable 12,900
Interest payable 3,000
Long-term notes payable 52,000
K. Wilson, Capital 153,332
K. Wilson, Withdrawals 19,000
Trucking fees earned 141,500
Depreciation expense—Trucks 21,259
Salaries expense 66,364
Office supplies expense 14,500
Repairs expense—Trucks 12,169
Totals $ 395,692 $ 395,692

  
The K. Wilson, Capital account balance was $153,332 at December 31 of the prior year.
  
(1) Prepare the income statement for the year ended December 31.
(2) Prepare the statement of owner’s equity for the year ended December 31.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
The following adjusted year-end trial balance at December 31 of Wilson Trucking Company. Account Title Debit...
The following adjusted year-end trial balance at December 31 of Wilson Trucking Company. Account Title Debit Credit Cash $ 9,400 Accounts receivable 16,500 Office supplies 2,000 Trucks 164,000 Accumulated depreciation—Trucks $ 33,784 Land 75,000 Accounts payable 13,400 Interest payable 3,000 Long-term notes payable 52,000 K. Wilson, Capital 155,547 K. Wilson, Withdrawals 19,000 Trucking fees earned 128,000 Depreciation expense—Trucks 21,791 Salaries expense 60,032 Office supplies expense 7,000 Repairs expense—Trucks 11,008 Totals $ 385,731 $ 385,731    The K. Wilson, Capital account...
The following is the adjusted trial balance of Wilson Trucking Company. Account Title Debit Credit Cash...
The following is the adjusted trial balance of Wilson Trucking Company. Account Title Debit Credit Cash $ 8,400 Accounts receivable 16,500 Office supplies 2,000 Trucks 187,000 Accumulated depreciation—Trucks $ 38,522 Land 75,000 Accounts payable 12,400 Interest payable 3,000 Long-term notes payable 52,000 K. Wilson, Capital 171,915 K. Wilson, Withdrawals 19,000 Trucking fees earned 138,000 Depreciation expense—Trucks 24,847 Salaries expense 64,722 Office supplies expense 6,500 Repairs expense—Trucks 11,868 Totals $ 415,837 $ 415,837 The K. Wilson, Capital, account balance is $171,915...
The following is the adjusted trial balance of Wilson Trucking Company. Account Title Debit Credit Cash...
The following is the adjusted trial balance of Wilson Trucking Company. Account Title 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 Common stock 20,000 Retained earnings 155,000 Dividends 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    The Retained Earnings account balance is $155,000...
Exercise 4-11 Preparing the financial statements LO C2 The following is the adjusted trial balance of...
Exercise 4-11 Preparing the financial statements LO C2 The following is the adjusted trial balance of Wilson Trucking Company. Account Title 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...
Account Title Debit Credit Cash $ 5,800 Accounts receivable 29,000 Office supplies 6,353 Trucks 164,000 Accumulated...
Account Title Debit Credit Cash $ 5,800 Accounts receivable 29,000 Office supplies 6,353 Trucks 164,000 Accumulated depreciation—Trucks $ 33,784 Land 47,000 Accounts payable 9,800 Interest payable 18,000 Long-term notes payable 56,000 K. Wilson, Capital 167,463 K. Wilson, Withdrawals 48,000 Trucking fees earned 121,000 Depreciation expense—Trucks 21,791 Salaries expense 54,170 Office supplies expense 20,000 Repairs expense—Trucks 9,933 Totals $ 406,047 $ 406,047    Use the above adjusted trial balance to prepare Wilson Trucking Company’s classified balance sheet as of December 31,...
Perfect Advertising Services Adjusted Trial Balance December 31, 2018 Balance Account Title Debit Credit Cash $14,400...
Perfect Advertising Services Adjusted Trial Balance December 31, 2018 Balance Account Title Debit Credit Cash $14,400 Accounts Receivable 14,500 Office Supplies 5,900 Land 18,700 Building 49,800 Accumulated Depreciation—Building $36,900 Furniture 20,100 Accumulated Depreciation—Furniture 13,700 Accounts Payable 10,300 Salaries Payable 7,100 Unearned Revenue 15,500 Corby, Capital 73,800 Corby, Withdrawals 20,500 Service Revenue 38,500 Salaries Expense 26,500 Supplies Expense 9,700 Depreciation Expense—Building 3,100 Depreciation Expense—Furniture 1,100 Advertising Expense 11,500 Total $195,800 $195,800 Requirement 2. Prepare the statement of​ owner's equity for the...
COOKIE CREATIONS Adjusted Trial Balance December 31, 2019 Debit Credit Cash $970 Accounts Receivable 720 Supplies...
COOKIE CREATIONS Adjusted Trial Balance December 31, 2019 Debit Credit Cash $970 Accounts Receivable 720 Supplies 290 Prepaid Insurance 990 Equipment 1,000 Accumulated Depreciation—Equipment $30 Accounts Payable 60 Salaries and Wages Payable 46 Interest Payable 10 Unearned Service Revenue 250 Notes Payable 1,600 Owner’s Capital 660 Owner’s Drawings 410 Service Revenue 3,759 Salaries and Wages Expense 825 Utilities Expense 105 Advertising Expense 135 Supplies Expense 840 Depreciation Expense 30 Insurance Expense 90 Interest Expense 10 $6,415 $6,415 Using the information...
The adjusted trial balance for DVD Concepts at December 31, 2017, as follows: DVD CONCEPTS Adjusted...
The adjusted trial balance for DVD Concepts at December 31, 2017, as follows: DVD CONCEPTS Adjusted Trial Balance Year Ended December 31, 2017                                                                               Accounts                                                                      Debit                     Credit Cash                                                                         $    8,000 Accounts Receivable                                                 16,000 Supplies                                                                          6,000 Prepaid Insurance                                                         8,000 Computer Equipment                                               210,000 Accum. Depreciation—Computer Equipment                                     $ 25,000 Accounts Payable                                                                                        20,000 Note Payable                                                                                                71,000 Salaries Payable                                                                                            3,000 J. Yan, Capital                                                                                            109,000 J. Yan, Withdrawals                                                   12,000 DVD Rental Revenue                                                                               133,000 Advertising Expense                                                  26,000 Depreciation Expense                                                12,000 Rent Expense                                                              19,000 Salaries Expense                                                       ...
Vanguard Company had the following adjusted trial balance at December 31, 2011.                  ...
Vanguard Company had the following adjusted trial balance at December 31, 2011.                                      VARGUARD COMPANY                   Adjusted Trial Balance                   For the year ended December 31, 2011                                      Account titles   Debits   Credits           Cash   $14,800                Accounts Receivable   8,800               Equipment   15,900               Accounts Payable       $4,400           ...
Adjusted Trial Balance December 31, 2018 Account Title Debit Credit Cash $85,150 Accounts Receivable 229,140 Supplies...
Adjusted Trial Balance December 31, 2018 Account Title Debit Credit Cash $85,150 Accounts Receivable 229,140 Supplies 16,955 Equipment 395,285 Accumulated Depreciation $221,260 Accounts Payable 74,235 Capital Stock 220,000 Retained Earnings 101,145 Service Revenue 893,105 Interest Income 1,500 Dividends 2,000 Rent Expense 58,500 Wages Expense 527,260 Supplies Expense 42,520 Utilities Expense 8,595 Depreciation Expense 145,840 ________      Totals $1,522,565 $1,522,565 Use this information to prepare the Balance Sheet for the fiscal year. There are additional lines in the formatted Balance Sheet form...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT