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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

  
The K. Wilson, Capital account balance is $175,000 at December 31, 2016.


(1) Prepare the income statement for the year ended December 31, 2017.
(2) Prepare the statement of owner’s equity for the year ended December 31, 2017.

Business   Accounting   
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Answer #1

(1) Prepare the income statement for the year ended December 31, 2017.

Revenue
Trucking fees earned 130000
Expenses
Depreciation expense—Trucks 23500
Salaries expense 61000
Office supplies expense 8000
Repairs expense—Trucks 12000
Total expenses 104500
Net income 25500

(2) Prepare the statement of owner’s equity for the year ended December 31, 2017.

Owner's equity december 31,2016 175000
Add: Net income 25500
Less: Owner's withdrawal -20000
Owner's equity december 31,2017 180500
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