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Account Title Debit Credit Cash $ 6,300 Accounts receivable 27,000 Office supplies 7,975 Trucks 192,000 Accumulated...


Account Title Debit Credit
Cash $ 6,300
Accounts receivable 27,000
Office supplies 7,975
Trucks 192,000
Accumulated depreciation—Trucks $ 39,552
Land 44,000
Accounts payable 10,300
Interest payable 15,000
Long-term notes payable 60,000
K. Wilson, Capital 186,409
K. Wilson, Withdrawals 40,000
Trucking fees earned 126,000
Depreciation expense—Trucks 25,511
Salaries expense 68,005
Office supplies expense 14,000
Repairs expense—Trucks 12,470
Totals $ 437,261 $ 437,261
  
Use the above adjusted trial balance to prepare Wilson Trucking Company’s classified balance sheet as of December 31.
  

Solutions

Expert Solution

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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ekkarill92 answered 2 years ago
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