Preparing the financial statements C2 Use the following adjusted trial balance of Wilson Trucking Company to prepare the (1) income statement and (2) statement of owner's equity for the year ended December 31, 2015. The K. Wilson, Capital ac- count balance is $175,000 at December 31, 2014. Account Title Debit Credit Cash $ 8,000 Accounts receivable 17,500 Office supplies 3,000 Trucks 172,000 Accumulated depreciation-Trucks $ 36,000 Land 85,000 Accounts payable Interest payable 12,000 4,000 Long-term notes payable 53,000 K. Wilson, Capital . 175,000 K. Wilson, Withdrawals 20,000 Trucking fees earned Depreciation expense-Trucks 130,000 23,500 Salaries expense 61,000 Office supplies expense 8,000 Repairs expense-Trucks 12,000 Totals $410,000 $410,000
Preparing the financial statements C2 Use the following adjusted trial balance of Wilson Trucking Company to prepare the (1) income statement and (2) statement of owner's equity for the year ended December 31, 2015. The K. Wilson, Capital ac- count balance is $175,000 at December 31, 2014. Account Title Debit Credit Cash $ 8,000 Accounts receivable 17,500 Office supplies 3,000 Trucks 172,000 Accumulated depreciation-Trucks $ 36,000 Land 85,000 Accounts payable Interest payable 12,000 4,000 Long-term notes payable 53,000 K. Wilson, Capital . 175,000 K. Wilson, Withdrawals 20,000 Trucking fees earned Depreciation expense-Trucks 130,000 23,500 Salaries expense 61,000 Office supplies expense 8,000 Repairs expense-Trucks 12,000 Totals $410,000 $410,000
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter1: Introduction To Accounting And Business
Section: Chapter Questions
Problem 5PEA: Using the income statement for Ousel Travel Service shown in Practice Exercise 1-4A, prepare a...
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