The following adjusted year-end trial balance at December 31 of Wilson Trucking Company. Account Title Debit Credit Cash 5,200 16,500 2,000 163,000 24 Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land $ 33,578 75,000 Accounts payable Interest payable Long-term notes payable Common stock 9,200 3,000 52,000 14,943 Retained earnings 137,000 Dividends 19,000 Trucking fees earned Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense-Trucks 147,500 21,658 69,178 13,000 12,685 Totals $397,221 $397,221 The Retained Earnings account balance was $137,000 at December 31 of the prior year. (1) Prepare the income statement for the year ended December 31. (2) Prepare the statement of retained earnings for the year ended December 31.

The following adjusted year-end trial balance at December 31 of Wilson Trucking Company. Account Title Debit Credit Cash 5,200 16,500 2,000 163,000 24 Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land $ 33,578 75,000 Accounts payable Interest payable Long-term notes payable Common stock 9,200 3,000 52,000 14,943 Retained earnings 137,000 Dividends 19,000 Trucking fees earned Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense-Trucks 147,500 21,658 69,178 13,000 12,685 Totals $397,221 $397,221 The Retained Earnings account balance was $137,000 at December 31 of the prior year. (1) Prepare the income statement for the year ended December 31. (2) Prepare the statement of retained earnings for the year ended December 31.

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

22nd Edition

ISBN:9781305666160

Author:James A. Heintz, Robert W. Parry

Publisher:James A. Heintz, Robert W. Parry

Chapter24: Analysis Of Financial Statements

Section: Chapter Questions

Problem 2SEB: ANALYSIS OF ACTIVITY MEASURES Based on the financial statement data in Exercise 24-1B, compute the...

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bartleby, a Learneo, Inc. business

Revenues:
Trucking fees earned		$147,500
Total revenue		$147,500
Expenses:
Depreciation expense	$21,658
Salaries expense	$69,178
Office supplies expense	$13,000
Repairs expense	$12,685
Total expenses		$116,521
Net profit		$30,979