The following adjusted trial balance at December 31 of Wilson Trucking Company. Account Title Cash Accounts receivable office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable K. Wilson, Capital K. Wilson, Withdrawals Trucking revenue Depreciation expense-Trucks Salaries expense office supplies expense Interest expense Totals Debit $ 8,800 18,300 3,800 180,000 93,000 20,800 Credit $ 36,800 14,400 4,800 62,000 178,000 138,000 24,300 63,400 8,800 12,800 $ 434,000 $ 434,000 The K. Wilson, Capital account balance was $178,000 at December 31 of the prior year, and there were no owner investments during the year. (1) Prepare the income statement for the year ended December 31. (2) Prepare the statement of owner's equity for the year ended December 31.

The following adjusted trial balance at December 31 of Wilson Trucking Company. Account Title Cash Accounts receivable office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable K. Wilson, Capital K. Wilson, Withdrawals Trucking revenue Depreciation expense-Trucks Salaries expense office supplies expense Interest expense Totals Debit $ 8,800 18,300 3,800 180,000 93,000 20,800 Credit $ 36,800 14,400 4,800 62,000 178,000 138,000 24,300 63,400 8,800 12,800 $ 434,000 $ 434,000 The K. Wilson, Capital account balance was $178,000 at December 31 of the prior year, and there were no owner investments during the year. (1) Prepare the income statement for the year ended December 31. (2) Prepare the statement of owner's equity for the year ended December 31.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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es [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 truck Accum Accumulated depreciation-Trucks Land Dand Accounts payable Interest payable Long-term notes payable K. Wilson, Capital K. Wilson, Withdrawals Trucking revenue Depreciation expense-Trucks Salaries expense Office supplies expense Interest expense Totals Debit $ 8,300 17,800 3,300 175,000 88,000 Credit $ 36,300 12,900 4,300 59,500 173,000 20,300 23,800 61,900 8,300 12,300 $ 419,000 $ 419,000 133,000 The K. Wilson, Capital account balance was $173,000 at December 31 of the prior year, and there were no owner investments during the year. (1) Prepare the income statement for the year ended December 31. (2) Prepare the statement of owner's equity for the year ended December 31.
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Accounting for Assets: Receivables Johnson company's financial year ended on December 31, 201o. All the transactions related to the company's uncollectible accounts are can be found below: Wrote of $44o account of Miller Company as uncollectible January 15 Re-establish the account of Louisa April 2nd Teller and record the collection of $1,050 as payment in full for her account which had been written off earlier Received 40% of the $700 balance owed by William John and wrote off the remainder as uncollectible July 31 Wrote off as uncollectible the accounts of Sherwin Company, $1,700 and V. Vasell $2,200 Received 25% of the $1,140 owed by Grant Company and wrote off the remainder as uncollectible August 15 September 26 Received $741 from M. Fuller in full payment of his account which had been written off earlier as uncollectible Estimated uncollectible accounts October 16 expense for the year to be 1.5% of net credit sales of $521,000 December 31 The accounts receivable account had a…
Estimating Bad Debts Expense and Reporting Receivables At December 31, Barber Company had a balance of $630,000 in its accounts receivable and an unused balance of $3,900 in its allowance for uncollectible accounts. The company then aged its accounts as follows. Current $519,000 1-60 days past due 72,000 61-180 days past due 25,500 Over 180 days past due 13,500 Total accounts receivable $630,000 The company has experienced losses as follows: 1% of current balances, 5% of balances 1-60 days past due, 15% of balances 61-180 days past due, and 40% of balances over 180 days past due. The company continues to base its allowance for uncollectible accounts on this aging analysis and percentages. a. What amount of bad debts expense does Barber report on its income statement for the year? $ 14,115 b. Show how Barber's December 31 balance sheet will report the accounts receivable and the allowance for uncollectible accounts. Note: Round your answers to the nearest whole dollar. Note: Do not use…
The following account balances come from the records of Ourso Company: Beginning Balance $2,800 Ending Balance $3,600 350 Accounts receivable Allowance for doubtful accounts 280 During the accounting period, Ourso recorded $14,000 of sales revenue on account. The company also wrote off a $150 account receivable. Required a. Determine the amount of cash collected from receivables. b. Determine the amount of uncollectible accounts expense recognized during the period. a Collections of accounts receivable b. Uncollectible accounts expense
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The following adjusted trial balance at December 31 of Wilson Trucking Company. Account Title Debit Credit Cash $ 9,700 Accounts receivable 19,200 Office supplies 4,700 Trucks 189,000 Accumulated depreciation-Trucks $ 37,700 Land 102,000 Accounts payable 17,100 Interest payable 5,700 Long-term notes payable 66,500 K. Wilson, Capital 187,000 K. Wilson, Withdrawals 21,700 Trucking revenue 147,000 Depreciation expense-Trucks 25,200 Salaries expense 66,100 Office supplies expense 9,700 Interest expense 13,700 Totals $ 461,000 $461,000 Prepare Wilson Trucking Company's classified balance sheet as of December 31.
On November 1, 2025, the following were the account balances of Sunland Equipment Repair. Cash Accounts Receivable Supplies Equipment Nov. 8 (a) (b) (c) 10 12 15 17 20 During November, the following summary transactions were completed. 22 25 27 29 Debit $3,420 3,100 1,750 11/1 Bal. 10,630 $18,900 Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Paid November rent $540. Paid salaries $1,030. Performed services on account worth $990 and billed customers. Received $780 from customers for services to be performed in the future. Credit Cash $500 3,420 2,930 400 810 Paid $1,220 for salaries due employees, of which $410 is for November and $810 is for October salaries payable. Received $1,910 cash from customers in payment of account. Received $3,790 cash for services performed in November. Purchased store equipment on account $3,970. Purchased supplies on account $1,350. Paid creditors $2,560 of accounts…
Entry for Uncollectible Accounts Outlaw Bike Co. is a wholesaler of motorcycle supplies. An aging of the company's accounts receivable on December 31 and a historical analysis of the percentage of uncollectible accounts in each age category are given below. Age Interval Balance Estimated UncollectibleAccounts Percent Estimated UncollectibleAccounts Amount Not past due $902,000 3/4 % $6,765 1-30 days past due 99,200 2 1,984 31-60 days past due 45,100 6 2,706 61-90 days past due 32,500 18 5,850 91-180 days past due 23,500 42 9,870 Over 180 days past due 17,100 65 11,115 Total $1,119,400 $38,290 Assume that the allowance for doubtful accounts for Outlaw Bike Co. had a debit balance of $6,890 as of December 31. Journalize the adjusting entry for uncollectible accounts as of December 31. Dec. 31 - Select - - Select -
Through November, Cameron has received gross income of $120,000. For December, Cameron is considering whether to accept one more work engagement for the year. Engagement 1 will generate $7,000 of revenue at a cost to Cameron of $3,000, which is deductible for AGI. In contrast, engagement 2 will generate $5,000 of qualified business income (QBI), which is eligible for the 20 percent QBI deduction. Cameron files as a single taxpayer. Calculate Cameron's taxable income assuming he chooses engagement 1 and assuming he chooses engagement 2. Assume he has no itemized deductions. Description Engagement 1 Engagement 2 (1) Gross income before new work engagement $ 120,000 $ 120,000 (2) Income from engagement 7,000 5,000 (3) Additional for AGI deduction (3,000) (4) Adjusted gross income $ 124,000 $ 125,000 (5) Greater of itemized deductions or standard deduction (6) Deduction for QBI (1,000) Taxable income
Entry for Uncollectible Accounts Outlaw Bike Co. is a wholesaler of motorcycle supplies. An aging of the company's accounts receivable on December 31 and a historical analysis of the percentage of uncollectible accounts in each age category are given below. Age Interval Balance Estimated UncollectibleAccounts Percent Estimated UncollectibleAccounts Amount Not past due $878,000 3/4 % $6,585 1-30 days past due 96,600 2 1,932 31-60 days past due 43,900 8 3,512 61-90 days past due 31,600 14 4,424 91-180 days past due 22,800 38 8,664 Over 180 days past due 16,700 75 12,525 Total $1,089,600 $37,642 Assume that the allowance for doubtful accounts for Outlaw Bike Co. had a debit balance of $6,775 as of December 31. Journalize the adjusting entry for uncollectible accounts as of December 31. If an amount box does not require an entry, leave it blank. Dec. 31 - Select - - Select - - Select - - Select -
Complete a general ledger based on the below