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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