[The following information applies to the questions displayed below.] The following is the adjusted year-end trial balance at December 31, 2018, of Wilson Trucking Company. Account Title Debit Credit Cash $ 7,400 Accounts receivable 17,000 Office supplies 3,800 Trucks 176,000 Accumulated depreciation—Trucks $ 35,000 Land 76,900 Accounts payable 12,700 Interest payable 4,700 Long-term notes payable 48,000 Common stock 21,100 Retained earnings, December 31, 2017 154,000 Dividends 19,800 Trucking fees earned 133,000 Depreciation expense—Trucks 22,500 Salaries expense 64,000 Office supplies expense 8,500 Repairs expense—Trucks 12,600 Totals $ 408,500 $ 408,500 Exercise 3-8 Preparing financial statements LO P3 (1) Prepare the income statement for the year ended December 31, 2018. (2) Prepare the statement of retained earnings for the year ended December 31, 2018. (3) Prepare its balance sheet as of December 31, 2018.
[The following information applies to the questions displayed below.] The following is the adjusted year-end trial balance at December 31, 2018, of Wilson Trucking Company. Account Title Debit Credit Cash $ 7,400 Accounts receivable 17,000 Office supplies 3,800 Trucks 176,000 Accumulated depreciation—Trucks $ 35,000 Land 76,900 Accounts payable 12,700 Interest payable 4,700 Long-term notes payable 48,000 Common stock 21,100 Retained earnings, December 31, 2017 154,000 Dividends 19,800 Trucking fees earned 133,000 Depreciation expense—Trucks 22,500 Salaries expense 64,000 Office supplies expense 8,500 Repairs expense—Trucks 12,600 Totals $ 408,500 $ 408,500 Exercise 3-8 Preparing financial statements LO P3 (1) Prepare the income statement for the year ended December 31, 2018. (2) Prepare the statement of retained earnings for the year ended December 31, 2018. (3) Prepare its balance sheet as of December 31, 2018.
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter22: End-of-fiscal-period Work For A Corporation
Section: Chapter Questions
Problem 1AP
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[The following information applies to the questions displayed below.]
The following is the adjusted year-end
| Account Title | Debit | Credit | ||||
| Cash | $ | 7,400 | ||||
| Accounts receivable | 17,000 | |||||
| Office supplies | 3,800 | |||||
| Trucks | 176,000 | |||||
| Accumulated |
$ | 35,000 | ||||
| Land | 76,900 | |||||
| Accounts payable | 12,700 | |||||
| Interest payable | 4,700 | |||||
| Long-term notes payable | 48,000 | |||||
| Common stock | 21,100 | |||||
| 154,000 | ||||||
| Dividends | 19,800 | |||||
| Trucking fees earned | 133,000 | |||||
| Depreciation expense—Trucks | 22,500 | |||||
| Salaries expense | 64,000 | |||||
| Office supplies expense | 8,500 | |||||
| Repairs expense—Trucks | 12,600 | |||||
| Totals | $ | 408,500 | $ | 408,500 | ||
Exercise 3-8 Preparing financial statements LO P3
(1) Prepare the income statement for the year ended December 31, 2018.
(2) Prepare the statement of retained earnings for the year ended December 31, 2018.
(3) Prepare its balance sheet as of December 31, 2018.
(2) Prepare the statement of retained earnings for the year ended December 31, 2018.
(3) Prepare its balance sheet as of December 31, 2018.
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