Question

Credit Debit $ 7,600 24,000 7,975 162,000 $ 33,372 43,000 Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings Dividends Trucking fees earned Depreciation expense Trucks Salaries expense Office supplies expense Repairs expense-Trucks Totals 11,600 6,000 52,000 14,603 139,000 24,000 129,000 21,525 68,005 15,000 12,470 $385,575 $385,575 Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31.

Answer 1

Income statement

Trucking fee earned	129,000
Expenses:
Depreciation expense - Trucks	- 21,525
Salaries expense	- 68,005
Office supplies expense	- 15,000
Repairs expense - trucks	- 12,470
Net income	$12,000

Statement of Retained Earnings

Retained Earnings, beginning	139,000
Net income	12,000
	151,000
Dividends	- 24,000
Retained Earnings, ending	$127,000

Balance sheet

December 31

Assets
Current assets
Cash	7,600
Accounts receivables	24,000
Office supplies	7,975
Total current assets		39,575
Plant assets
Trucks	162,000
Accumulated depreciation	- 33,372	128,628
Land		43,000
Total Plant assets		171,628
Total assets		211,203
Liabilities
Current liabilities
Accounts payable	11,600
Interest payable	6,000
Total Current liabilities		17,600
Long term notes payable		52,000
Total liabilities		69,600
Equity
Common stock	14,603
Retained Earnings	127,000
Total equity		141,603
Total liabilities and equity		211,203

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