Account Title Debit Credit Cash $5,200 Accounts receivable 20,000 Office supplies 6,353 Trucks 186,000 Accumulated depreciation—Trucks $38,316 Land 50,000 Accounts payable 9,200 Interest payable 10,000 Long-term notes payable 56,000 K. Wilson, Capital 156,854 K. Wilson, Withdrawals 35,000 Trucking fees earned 126,000 Depreciation...

Account Title	Debit	Credit
Cash	$5,200
Accounts receivable	20,000
Office supplies	6,353
Trucks	186,000
Accumulated depreciation—Trucks		$38,316
Land	50,000
Accounts payable		9,200
Interest payable		10,000
Long-term notes payable		56,000
K. Wilson, Capital		156,854
K. Wilson, Withdrawals	35,000
Trucking fees earned		126,000
Depreciation expense—Trucks	24,714
Salaries expense	54,170
Office supplies expense	5,000
Repairs expense—Trucks	9,933
Totals	$396,370	$396,370

4.2 Ratings (600 Votes)

Wilson Trucking Company
Balance Sheet for Year ended on 31st Dec 2017
	Amount($)	Amount($)
Assets
Current Asset
Cash	5,200
Account Receivable	20,000
Office Supllies	6,353
Total Current Asset		31,553

Property, Plant & Equipment

Land		50,000
Trucks	1,86,000
Less: Accumulated Depreciation	-38,316	1,47,684

Total Asset		2,29,237



Liability & Equity

Current Liabilities
Account Payable	9,200
Interest Payable	10,000	19,200

Long term Liabilities
Long Term Notes Payable		56,000

Total Liabilities		75,200

Share holder Equity
Capital	1,56,854
Drawing	-35,000	1,21,854

Retained Earning		32,183

Total Equity		1,54,037

Total Liability & Equity		2,29,237

Walson Trucking Company
Income Statement for year ended on 31st Dec 2017

Truck Fees Earnd		1,26,000
Repair Expense- Truck	9,933
Depreciation Expense- Truck	24,714
Office Supplies Expense	5,000
Salaries Expense	54,170	93,817

Net Income For the year		$ 32,183

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