The following is the adjusted trial balance of Wilson Trucking Company. Account

Question

The following is the adjusted trial balance of Wilson Trucking Company. Account Title Debit Credit Cash $ 8,400 Accounts receivable 16,500 Office supplies 2,000 Trucks 187,000 Accumulated depreciation—Trucks $ 38,522 Land 75,000 Accounts payable 12,400 Interest payable 3,000 Long-term notes payable 52,000 K. Wilson, Capital 171,915 K. Wilson, Withdrawals 19,000 Trucking fees earned 138,000 Depreciation expense—Trucks 24,847 Salaries expense 64,722 Office supplies expense 6,500 Repairs expense—Trucks 11,868 Totals $ 415,837 $ 415,837 The K. Wilson, Capital, account balance is $171,915 at December 31, 2014. (1). Prepare the income statement for the year ended December 31, 2015. (2). Prepare the statement of owner’s equity for the year ended December 31, 2015.

Explanation / Answer

WILSON TRUCKING COMPANY Income Statement For Year Ended December 31, 2015 Revenues Trucking fees earned 138000 Expenses Depreciation expense — Trucks 24847 Salaries expense 64722 Office supplies expense 6500 Repairs expense — Trucks 11868 Total expenses 107937 Net income 30063 2 Statement of owner’s equity For Year Ended December 31, 2015 K. Wilson, Capital, December 31,2014 171915 Add: Net income 30063 201978 Less: Withdrawals 19000 K. Wilson, Capital, December 31,2015 182978

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