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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 balance was $155,547 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   
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Answer #1

Part 1

WILSON TRUCKING COMPANY

INCOME STATEMENT

For the Year Ended December 31
Revenues
Trucking fees earned 128000
Expenses
Salaries expense 60032
Office supplies expense 7000
Repairs expense - Trucks 11008
Depreciation expense - Trucks 21791
Total expenses 99831
Net income $28169

Part 2

WILSON TRUCKING COMPANY

Statement of Owner's Equity

For the Year Ended December 31
K. Wilson capital December 31 of prior year 155547
Add: Net income 28169
$183716
Less: Withdrawals 19000
K. Wilson capital December 31 $164716
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