Following is the adjusted trial balance of Wilson Trucking Company Debit Credit

Question

Following is the adjusted trial balance of Wilson Trucking Company Debit Credit 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 $ 8,000 17,500 3,000 172,000 S 36,000 85,000 12,000 4,000 53,000 20,000 155,000 20,000 130,000 23,500 61,000 8,000 12.000 S 410,000 $ 410,000 Use the above adjusted trial balance to prepare Wilson Trucking Company's classifiedb WIL SON TRUCKING COMPANY

Explanation / Answer

Balance sheet Assets Accounts receivable 17500 Cash 8000 Office supplies 3000 Total current assets 28500 Trucks 172000 Less: Accumulated depreciation 36000 136000 Land 85000 Total plant assets 221000 Total assets 249500 Liabilities Accounts payable 12000 Interest payable 4000 Total current liabilities 16000 Long-tem notes payable 53000 Total dedt 53000 Common stock 20000 Retained earnings 160500 180500 Total liabilities and stockholder's equity 249500 Statement of retained earnings: Beginning balance, January 1 155000 Add: Net income (Note:1) 25500 180500 Less: Dividend paid 20000 Ending balance, December 31 160500 Notes 1. Net income Trucking fees earned 130000 Less: Expenses Repairs expense 12000 Salaries & Wages expense 61000 Supplies expense 8000 Depreciation Expense 23500 104500 Net income 25500

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