Required information [The following information applies to the questions display
ID: 2337255 • Letter: R
Question
Required information [The following information applies to the questions displayed below.] The following is the adjusted year-end trial balance at December 31, 2018, of Wilson Trucking Company. Account Title Debit Credit $ 9,80e 17,000 2,300 166,000 Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Truck:s Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings, December 31, 2017 Dividends Trucking fees earned Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense-Trucks Totals $ 29,000 75,200 12,800 3,400 57,000 21,100 156,000 20,900 122,000 23,800 65,000 8, 500 12,800 $401,300 $401,300 (1) Prepare the income statement for the year ended December 31, 2018 (2) Prepare the statement of retained earnings for the year ended December 31, 2018 (3) Prepare its balance sheet as of December 31, 2018Explanation / Answer
WILSON TRUCKING COMPANY
Income Statement
For the year ended December 31,2018
Particulars
Amount($)
Revenues
Trucking fees earned
122,000
TOTAL INCOME(a)
122,000
Expenses
Office supplies expense
8,500
Repairs expenses-trucks
12,800
Salaries expenses
65,000
Depreciation expenses- Trucks
23,800
TOTAL EXPENSES(b)
110,100
Net Income (a-b)
11,900
2. Statement of Retained Earnings for the year ended December 31, 2018
WILSON TRUCKING COMPANY
Statement of Retained Earnings
For the year ended December 31,2018
Amount($)
Retained earnings December 31, 2017
$ 156,000
Add: Net Income
$ 11,900
$ 167,900
Less: Dividends
$ 20,900
Retained earnings December 31, 2018
$ 147,000
3. Balance sheet as of December 31, 2018
WILSON TRUCKING COMPANY
Balance sheet
December 31, 2018
Amount($)
ASSETS
Land
75,200
Trucks
166,000
Less: Accumulated depreciation- trucks
29,000
137,000
Accounts Receivable
17,000
Office supplies
2,300
Cash
9,800
TOTAL
241,300
LIABILITIES
Common Stock
21,100
Retained Earnings
147,000
Long term notes payable
57,000
Accounts Payable
12,800
Interest payable
3,400
TOTAL
241,300
WILSON TRUCKING COMPANY
Income Statement
For the year ended December 31,2018
Particulars
Amount($)
Revenues
Trucking fees earned
122,000
TOTAL INCOME(a)
122,000
Expenses
Office supplies expense
8,500
Repairs expenses-trucks
12,800
Salaries expenses
65,000
Depreciation expenses- Trucks
23,800
TOTAL EXPENSES(b)
110,100
Net Income (a-b)
11,900
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