Required information [The following information applies to the questions displayed below.] The following adjusted trial balance at December 31 of Wilson Trucking Company. Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Debit $ 8,000 17,500 Credit 3,000 172,000 $ 36,000 85,000 Accounts payable 12,000 Interest payable 4,000 Long-term notes payable 58,000 Common stock 30,000 Retained earnings 140,000 Dividends 20,000 Trucking revenue 130,000 Depreciation expense-Trucks 23,500 Salaries expense 61,000 Office supplies expense 8,000 Interest expense Totals 12,000 $410,000 $410,000 Prepare Wilson Trucking Company's classified balance sheet as of December 31. The Retained Earnings account balance was $140,000 at December 31 of the prior year.

Required information [The following information applies to the questions displayed below.] The following adjusted trial balance at December 31 of Wilson Trucking Company. Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Debit $ 8,000 17,500 Credit 3,000 172,000 $ 36,000 85,000 Accounts payable 12,000 Interest payable 4,000 Long-term notes payable 58,000 Common stock 30,000 Retained earnings 140,000 Dividends 20,000 Trucking revenue 130,000 Depreciation expense-Trucks 23,500 Salaries expense 61,000 Office supplies expense 8,000 Interest expense Totals 12,000 $410,000 $410,000 Prepare Wilson Trucking Company's classified balance sheet as of December 31. The Retained Earnings account balance was $140,000 at December 31 of the prior year.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter3: Review Of A Company's Accounting System

Section: Chapter Questions

Problem 12E: Worksheet, Including Inventory Surian Motors Company prepared a trial balance on the following...

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The trial balance of Pacilio Security Services, Incorporated as of January 1, Year 9, had the following normal balances Cash $ 93,380Petty cash 100Accounts receivable 21,390Allowance for doubtful accounts 2,485Supplies 180Prepaid rent 3,000Merchandise inventory (23 @ $280) 6,440Equipment 9,000Van 27,000Accumulated depreciation 14,900Salaries payable 1,500Common stock 50,000Retained earnings 91,605 During Year 9, Pacilio Security Services experienced the following transactions: Paid the salaries payable from Year 8 Paid $9,000 on May 2, Year 9, for one year’s office rent in advance Purchased $425 of supplies on account Purchased 145 alarm systems at a cost of $290 each. Paid cash for the purchase After numerous attempts to collect from customers, wrote off $2,060 of uncollectible accounts receivable Sold 130 alarm systems for $580 each plus sales tax of 5 percent. All sales were on account Record cost of good sold for the sales transaction…
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Subject/Course: Financial Accounting.
Please without plagiarism please
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Worksheet, Including Inventory Surian Motors Company prepared a trial balance on the following partially completed worksheet for the year ended December 31, 2019: Additional information: (a) The equipment is being depreciated on a straight-line basis over a 10-year life, with no residual value; (b) salaries accrued but nor recorded total 500; (c) on January 1, 2019, the company had paid 3 years rent in advance at 100 per month; (d) bad debts are expected to be 1% of total sales; (e) interest of 400 has accrued on the note payable; and (f) the income tax rate is 40% on current income and will be paid in the first quarter of 2020. Required: 1. Complete the worksheet. 2. Prepare financial statements for 2019. 3. Prepare closing entries in the general journal.
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