es[The following information applies to the questions displayed below.]The following adjusted trial balance at December 31 of Wilson Trucking Company.Account TitleCashAccounts receivable.Office suppliesTruckstruckAccumAccumulated depreciation-TrucksLandDandAccounts payableInterest payableLong-term notes payableK. Wilson, CapitalK. Wilson, WithdrawalsTrucking revenueDepreciation expense-TrucksSalaries expenseOffice supplies expenseInterest expenseTotalsDebit$ 8,30017,8003,300175,00088,000Credit$ 36,30012,9004,30059,500173,00020,30023,80061,9008,30012,300$ 419,000 $ 419,000133,000The K. Wilson, Capital account balance was $173,000 at December 31 of the prior year, and there were no owner investments duringthe 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. RevenuesExpensesTotal expensesWILSON TRUCKING COMPANYIncome StatementFor Year Ended December 31$00

Solution: Net income is computed as = Revenue - Expenses Owner's capital ending = Beginning owner's…

The following adjusted trial balance at December 31 of Wilson Trucking Company. Debit $ 8,300 17,800 3,300 175,000 88,000 Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Land Accounts payable Interest payable Long-term notes payable K. Wilson, Capital v K. Wilson, Withdrawals Trucking revenue Depreciation Salaries expense Office supplies expense Interest expense Totals expense-Trucks 20,300 Credit $36,300 12,900 4,300 59,500 173,000 133,000 23,800 61,900 8,300 12,300 $ 419,000 $ 419,000 The K. Wilson, Capital account balance was $173,000 at December 31 of the prior year, and there were no owner investments during

The following adjusted trial balance at December 31 of Wilson Trucking Company. Debit $ 8,300 17,800 3,300 175,000 88,000 Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Land Accounts payable Interest payable Long-term notes payable K. Wilson, Capital v K. Wilson, Withdrawals Trucking revenue Depreciation Salaries expense Office supplies expense Interest expense Totals expense-Trucks 20,300 Credit $36,300 12,900 4,300 59,500 173,000 133,000 23,800 61,900 8,300 12,300 $ 419,000 $ 419,000 The K. Wilson, Capital account balance was $173,000 at December 31 of the prior year, and there were no owner investments during

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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On December 31, Hughes Company has the following list of account balances. Additional Resources Accounts Payable $42,600 Equipment $30,500 Accounts Receivable 49,100 Service Revenue 41,800 Accumulated Depreciation, Equipment 19,600 Legal Expense 7,800 Accumulated Depreciation, Buildings 62,100 Note Payable, due in two years. 20,000 Advertising Expense 5,000 Prepaid Rent 20,500 Beginning Retained Earnings 97,000 Rent Expense 8,500 Buildings 119,000 Salaries Expense 3,400 Capital Stock 53,900 Salaries Payable 10,700 Cash 65,600 Supplies 24,500 Dividends 12,200 Supplies Expense 1,600 Required: Compute the dollar amount of the…
The following accounts and account balances are available for Badger Auto Parts at December 31: Accounts Payable $9,000 Income Taxes Payable $3,600 Accounts Receivable 41,100 Interest Expense 6,650 Accumulated Depreciation (Furniture) 47,800 Interest Payable 1,800 Advertising Expense 29,200 Inventory 60,600 Cash 3,200 Notes Payable (Long-Term) 50,000 Common Stock 100,000 Prepaid Rent 15,250 Cost of Goods Sold 184,400 Retained Earnings, January 1 16,000 Depreciation Expense (Furniture) 10,400 Sales Revenue 264,100 Furniture 128,000 Utilities Expense 9,700 Income Taxes Expense 3,800 Required: Prepare a trial balance. Assume that all accounts have normal balances. If an amount box does not require an entry, leave it blank.
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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.
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Complete a general ledger based on the below
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