Acct301 Essentials of Accounting: E4-4 The following is the adjusted trial balance of Wilson

Acct301 Essentials of Accounting: E4-4 The following is the adjusted trial balance of Wilson

Acct301 Essentials of Accounting

Exercise 4-4 Preparing the financial statements
The following is the adjusted trial balance of Wilson Trucking Company.
Account Title Debit Credit
Cash 8,800
Accounts receivable 16,500
Office supplies 2,000
Trucks 198,000
Accumulated depreciation—Trucks 40,788
Land 75,000
Accounts payable 12,800
Interest payable 3,000
Long-term notes payable 52,000
K. Wilson, Capital 201,848
K. Wilson, Withdrawals 19,000
Trucking fees earned 110,500
Depreciation expense—Trucks 26,308
Salaries expense 51,825
Office supplies expense 14,000
Repairs expense—Trucks 9,503
Totals $420,936 $420,936

The K. Wilson, Capital, account balance is $201,848 at December 31, 2012.
1. Prepare the income statement for the year ended December 31, 2013.
2. Prepare the statement of owner’s equity for the year ended December 31, 2013.
Acct301 Essentials of Accounting: E4-4 The following is the adjusted trial balance of Wilson
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