The following is the adjusted trial balance of Wilson Trucking Company. Account Title Debit Credit
Cash $8,000
Accounts receivable 17,500
Office supplies 3,000
Trucks 172,000
Accumulated
depreciation—Trucks $36,000
Land 85,000
Accounts payable 12,000
Interest payable 4,000
Long-term notes payable 53,000
Common stock 20,000
Retained earnings 155,000
Dividends 20,000
Trucking fees earned 130,000
Depreciation
expense—Trucks 23,500
Salaries expense 61,000
Office supplies expense 8,000
Repairs expense—Trucks12,000
Totals $410,000 $410,000
The Retained Earnings account balance is $155,000 at December 31, 2016.
(1) Prepare the income statement for the year ended December 31, 2017.
(2) Prepare the statement of retained earnings for the year ended December 31, 2017.

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

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