In: Accounting
Wilson Trucking Company’s | ||
Income Statement | ||
For the Year Ended December 31 | ||
Revenues | ||
Trucking fees earned | 126,000 | |
Expenses | ||
Depreciation expense- Trucks | 25,511 | |
Salaries expense | 68,005 | |
Office supplies expense | 14,000 | |
Repairs expense | 12,470 | |
Total expenses | -119,986 | |
Net income | $6,014 |
Wilson Trucking Company’s | ||
Statement of Owners Equity | ||
For the Year Ended December 31 | ||
K. Wilson capital beginning | 186,409 | |
Add: Net income | 6,014 | |
192,423 | ||
Less: K. Wilson drawings | -40,000 | |
D. Wilson , capital ending | $152,423 |
Wilson Trucking Company’s | ||
Balance Sheet | ||
For the Year Ended December 31 | ||
Assets | Amount | |
Current Assets: | ||
Cash | 6,300 | |
Accounts receivable | 27,000 | |
Office supplies | 7,975 | |
Total Current Assets | 41,275 | |
Plant,Assets : | ||
Trucks | 192,000 | |
Less:Accumulated Depreciation- Trucks | -39,552 | 152,448 |
Land | 44,000 | |
Total Assets | $237,723 | |
Liabilities and Owners Equity | ||
Current Liabilities: | ||
Accounts payable | 10,300 | |
Interest payable | 15,000 | |
Total Current liabilities | 25,300 | |
Long term Liabilities: | ||
Notes payable | 60,000 | |
Total liabilities | 85,300 | |
Owners Equity: | ||
K. Wilson, capital ending | 152,423 | |
Total Liabilities & Owners Equity | $237,723 |
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