mework Saved Account Title Debit Credit Cash Accounts receivable Office supplies

Question

mework Saved Account Title Debit Credit Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable K. Wilson, Capital K. Wilson, Withdrawals Trucking fees earned Depreciation expense-Trucks Salaries expense Office supplies expense 5,500 22,500 6,298 154,000 31,724 46,000 9,500 1,000 53,000 147,084 38,000 129,000 20,462 53,701 15,000 9,847 Repairs expense Trucks Totals $371,308 $371,308 Use the above adjusted trial balance to prepare Wilson Trucking Compar WILSON TRUCKING COMPANY Balance Sheet December 31, 2017 Assets

Explanation / Answer

Wilson Trucking Company Balance Sheet Current Assets Cash 5500 Accounts receivables 22500 Office Supplies 6298 Total Current Assets 34298 Plant assets Trucks 154000 Accumulated depriciation- trucks 31724 122276 Land 46000 Total Plant Assets 168276 Total Assets 202574 Current Liabilities Accounts Payable 9500 Interest Payable 1000 Total Current Liabilities 10500 Long-Term Liabilities Long term Notes Payable 53000 Total Liabilities 63500 Equity (147084-38000) 109084 Retained Earnings 29990 139074 Total Liabilities and equity 202574 Wilson trucking company Income statement Trucking fee earned 129000 Dep exp 20462 Sal Exp 53701 Office Supplies exp 15000 repair exp 9847 total exp 99010 Net income 29990

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