Exam - 1 Chap Chapter 1-4 flashcards |Quizlet The following is the adjusted tria

ID: 2420467 • Letter: E

Question

Exam - 1 Chap Chapter 1-4 flashcards |Quizlet The following is the adjusted trial balance of Wilson Trucking Company Account Title Debit Credit Accounts receivable Office supplies Trucks $ 5,900 7,500 3,000 167,000 34,402 Accounts payable Interest payable Long-Herm notes payable Common Stock Retained eamings 9,900 4,000 53,000 29,000 31,430 Trucking fees eamed 143,500 Salaries expense Office supplies expense Repairs expense Trucks 22,189 67,302 5,000 2.341 2 405,232 $405,232 Retained Eamings is $131,430 at December 31, 2012 1. Prepare the income statement for the year ended December 31, 2013. Income Statement Expenses 2 5

Explanation / Answer

Income statment

Revenues

Trucking fees earned $143,500

Expenses:

Depreciation expense - Trucks 22,189

Salaries expense 67,302

Office supplies - expense 5,000

Repair expense - Trucks 12,341

Total expenses (106,832)

Net operating income $36,668

Retained Earnings

Opening balance $131,430

Add:Net income 36,668

$168,098

less:dividend paid (20,000)

Closing balance $148,098