Make the income statement for the year ended December

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Reference no: EM133041218

Question - Preparing financial statements - The following adjusted year-end trial balance at December 31 of Wilson Trucking Company.

Account Title

Cash debit $5,400

Accounts receivable debit 16,500

Office supplies debit 2,000

Trucks debit 188,000

Accumulated depreciation-Trucks credit $38,728

Land debit 75,000

Accounts payable credit 9,400

Interest payable credit 3,000

Long-term notes payable credit 52,000

K. Wilson, Capital credit 188,742

K. Wilson, Withdrawals 1debit 9,000

Trucking fees earned credit 118,000

Depreciation expense-Trucks debit 24,980

Salaries expense debit 55,342

Office supplies expense debit 13,500

Repairs expense-Trucks debit 10,148

Totals debit $409,870 credit $409,870

The K. Wilson, Capital account balance was $188,742 at December 31 of the prior year.

Required -

1. Make the income statement for the year ended December 31.

2. Make the statement of owner's equity for the year ended December 31.

Reference no: EM133041218

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