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 $ 8,000
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 at December 31, 2016.


(1) Prepare the income statement for the year ended December 31, 2017.
(2) Prepare the statement of retained earnings for the year ended December 31, 2017.

Business   Accounting   
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Homework Answers

Answer #1

1) preparing income statement for the year ended dec 31 2017

Particular amount
Trucking fees earned $130000
Expenses
Salaries ($61000)
Depreciation expense ($23500)
Office supply expenses ($8000)
Repair expenses ($12000)
Net income $25500

b) statement of retained earnings

Particular amount
Beginning balance of retained earnings $155000
+net income $25500
(-) dividend ($20000)
Ending retained earnings $160500

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