Question

make a balance sheet

30022) ?#sushow-cips Title DocuSign Microsoft Word o... MLS Login P Bank cdad.org Popula pter 36 Saved Book Account Title Cash Nccounts receivable ottlee supplies Trucks Nunulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable Common stock Betained earnings Dividends Trucking teas earned Depreciation expense Trucks Salaries expense ottice supplies expense Repairs expense-trucks Totals Debit Credit $ 6,900 12,500 6,435 193,000 $ 39,758 41,000 10,900 11,000 57.000 16.256 135,500 34.000 126.000 25.644 54,873 12.000 10.062 $396.414 $396,414 Het Pr References Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31. < Prev 6 of 11 ! Next > 24 ? w 542 & AR C

Answer 1

Solution:

Wilson Trucking Company
Income Statement
For the year ended Dec 31
Particulars	Amount
Revenue:
Trucking fees earned	$126,000.00
Expenses:
Depreciation expense - Trucks	$25,644.00
Salaries expense	$54,873.00
Office supplies expense	$12,000.00
Repairs expense - Trucks	$10,062.00
Net income	$23,421.00

Wilson Trucking Company
Balance Sheet
As of Dec 31
Particulars		Amount
Assets:
Cash		$6,900.00
Accounts receivables		$12,500.00
Office supplies		$6,435.00
Trucks	$193,000.00
Less: Accumulated depreciation	$39,758.00	$153,242.00
Land		$41,000.00
Total Assets		$220,077.00
Liabilties and Stockholder's equity:
Liabiltiies:
Accounts payable	$10,900.00
Interest payable	$11,000.00
Long term notes payable	$57,000.00
Total liabilities		$78,900.00
Stockholder's equity:
Common stock		$16,256.00
Retained earnings ($135,500 + $23,421 - $34,000)		$124,921.00
Total stockholder's equity		$141,177.00
Total liabilities and stockholer's equity		$220,077.00