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Required information [The following information applies to the questions displayed below.] The following is the adjusted year


Required information Required 1 Required 2 Required 3 Prepare the income statement for the year ended December 31, 2018. WILS
H MM UN LUCU CUy5 IUI ile year e (3) Prepare its balance sheet as of December 31, 2018. Complete this question by entering yo
Complete this question by entering your answers in the tabs Required 1 Required 2 Required 3 Prepare its balance sheet as of
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Answer #1
WILSON TRUCKING COMPANY
Income Statement
For Year Ended December 31,2018
Revenue
Trucking Fees earned $131000
Expense
Office supplies expense $8100
Depreciation expense - Trucks      23,400.00
Salaries Expense      69,000.00
Repairs expense - Trucks      11,100.00
Total Expense 1,03,500.00
Net Income      19,400.00
WILSON TRUCKING COMPANY
Statement of Retained Earnings
For Year Ended December 31,2018
Retained Earning, December 31,2017 $159000
Net Income 19400
178400
Dividend -20100
Retained Earning, December 31,2018 158300
WILSON TRUCKING COMPANY
Balance Sheet
December 31,2018
Assets
Cash $9400
Accounts receivable      18,100.00
Office Supplies        2,300.00
Total Current Asset      29,800.00
Trucks 1,75,000.00
Accumulated depreciation - Trucks    -34,000.00
Land      68,000.00
2,09,000.00
Total Assets 2,38,800.00
Liabilities
Accounts Payable      12,900.00
Interest payable        3,400.00
Long term notes payable      43,000.00
Total Current Liabilities      59,300.00
Total Liabilities      59,300.00
Stockholders Equity
Common Stock      21,200.00
Retained Earnings 1,58,300.00
Total Stockholders Equity 1,79,500.00
Total Liabilities and Stockholders Equity 2,38,800.00
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