Question

The following is the adjusted trial balance of Wilson Trucking Company.

Answer 1

Answer:

1.                      Wilson Trucking Company

                            Income Statement  

Revenues:

Trucking fees earned                                     $130,000

Expenses:

Depreciation expense - Trucks   $23,500

Salaries expense                          $61,000

Office Supplies expense              $8,000

Repairs Expense - Trucks            $12,000

Total Expenses                                                $104,500

Net Income                                                     $25,500

2. Statement of Retained earnings

Beginning balance 1 Jan 17      $155,000

Add: Net Income                       $25,500

Less: Dividends                         $20,000  

Ending Balance 31 Dec 2017  $160,500