Homework Help is Here – Start Your Trial Now!
Business
Accounting
Account Title Debit 8,100 19,500 6,958 181,000 Cradit Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks $ 37,286 Land 4৪, 000 Accounts payable Interest payable Long-term notes payable Common stock 12,100 2,000 57,000 29,929 Retained earnings Dividends Trucking fees earned Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense-Trucks 135,500 43,000 129,000 24,049 59,329 2,000 10,879 $402,815 $402,815 Totals Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31. WILSON TRUCKING COMPANY Balance Sheet December 31 Assets

Account Title Debit 8,100 19,500 6,958 181,000 Cradit Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks $ 37,286 Land 4৪, 000 Accounts payable Interest payable Long-term notes payable Common stock 12,100 2,000 57,000 29,929 Retained earnings Dividends Trucking fees earned Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense-Trucks 135,500 43,000 129,000 24,049 59,329 2,000 10,879 $402,815 $402,815 Totals Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31. WILSON TRUCKING COMPANY Balance Sheet December 31 Assets

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
Account Title Dabit $4 Credit Cash Accounts receivable Office supplies 8,100 19,500 6,958 181,000 Trucks Accumulated depreciation-Trucks Land $ 37,286 48,000 Accounts payable Interest payable Long-term notes payable Common stock 12,100 2,000 57,000 29,929 135,500 Retained earnings Dividends 43,000 Trucking fees earned Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense-Trucks 129,000 24,049 59,329 2,000 10,879 Totals $402,815 $402,815 Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31. WILSON TRUCKING COMPANY Balance Sheet December 31 Assets < Prev 4 of 5 Next > MacBook Air
Transcribed Image Text:Account Title Dabit $4 Credit Cash Accounts receivable Office supplies 8,100 19,500 6,958 181,000 Trucks Accumulated depreciation-Trucks Land $ 37,286 48,000 Accounts payable Interest payable Long-term notes payable Common stock 12,100 2,000 57,000 29,929 135,500 Retained earnings Dividends 43,000 Trucking fees earned Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense-Trucks 129,000 24,049 59,329 2,000 10,879 Totals $402,815 $402,815 Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31. WILSON TRUCKING COMPANY Balance Sheet December 31 Assets < Prev 4 of 5 Next > MacBook Air
Liabilities Equity Total equity
Transcribed Image Text:Liabilities Equity Total equity
Expert Solution
Step 1

Income statement is prepared by the business organizations so as to know how much amount of Gross profit or Net profit they earn during the year.

Gross profit = Sales -Cost of goods soldNet profit =Gross profit -Indirect expenses+Other incomes

Balance sheet includes:

  • Assets accounts
  • Liabilities accounts
  • Equity accounts

As per Accounting Equation,Assets =Liabilities +Equity

 

steps

Step by step

Solved in 3 steps with 4 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Events after the reporting period
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS