Question

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 at December 31, 2014. (1). Prepare the income statement for the year ended December 31, 2015. (2). Prepare the statement of owner’s equity for the year ended December 31, 2015.

Homework Answers

Answer #1
WILSON TRUCKING COMPANY
Income Statement
For Year Ended December 31, 2015
Revenues
Trucking fees earned 138000
Expenses
Depreciation expense — Trucks 24847
Salaries expense 64722
Office supplies expense 6500
Repairs expense — Trucks 11868
Total expenses 107937
Net income 30063
2
Statement of owner’s equity
For Year Ended December 31, 2015
K. Wilson, Capital, December 31,2014 171915
Add: Net income 30063
201978
Less: Withdrawals 19000
K. Wilson, Capital, December 31,2015 182978
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

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 $ 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...
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 $ 8,000 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...
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...
Palisade Creek Co. ADJUSTED TRIAL BALANCE May 31, 2019 ACCOUNT TITLE DEBIT CREDIT 1 Cash 84500...
Palisade Creek Co. ADJUSTED TRIAL BALANCE May 31, 2019 ACCOUNT TITLE DEBIT CREDIT 1 Cash 84500 2 Accounts Receivable 245875 3 Merchandise Inventory 570000 4 Estimated Returns Inventory 50200 5 Prepaid Insurance 4800 6 Store Supplies 4000 7 Store Equipment 569500 8 Accumulated Depreciation-Store Equipment 70700 9 Accounts Payable 63150 10 Customers Refunds Payable 89270 11 Salaries Payable 13600 12 Lynn Tolley, Capital 685300 13 Lynn Tolley, Drawing 135000 14 Sales 5316205 15 Cost of Merchandise Sold 2991950 16 Sales...
The following is the adjusted trial balance for Dove Lithography. Account Debit Credit Cash $1,700 Accounts...
The following is the adjusted trial balance for Dove Lithography. Account Debit Credit Cash $1,700 Accounts receivable 8,500 Supplies 100 Equipment 7,500 Accumulated depreciation $2,000 Accounts payable 1,200 Salary payable 800 Unearned revenue 600 Capital 3,400 Drawing 2,300 Service revenue 40,000 Salary expense 24,000 Supplies expense 2,300 Depreciation expense 1,600 $48,000 $48,000 Using the information from the worksheet above, prepare the closing journal entries for the company.
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT