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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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.
Transcribed Image Text: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.
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