The following adjusted trial balance of Webb Trucking Company.
Account Title Debit Credit Cash $ 5,400 Accounts receivable 16,500 Office supplies 2,000 Trucks 182,000 Accumulated depreciation%u2014Trucks $ 37,492 Land 75,000 Accounts payable 9,400 Interest payable 3,000 Long-term notes payable 52,000 Common stock 19,000 Retained earnings 162,400 Dividends 19,000 Trucking fees earned 122,000 Depreciation expense%u2014Trucks 24,182 Salaries expense 57,218 Office supplies expense 13,500 Repairs expense%u2014Trucks 10,492
Totals $ 405,292 $ 405,292
The retained earnings, account balance is $162,400 at December 31,2010.
(1) Prepare the income statement for the year ended December 31,2011.
(2) Prepare the statement of owner%u2019s equity, for the year endedDecember 31, 2011.
(2) Prepare the statement of owner%u2019s equity, for the year endedDecember 31, 2011.
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| The following adjusted trial balance of Webb Trucking Company. |
| Account Title | Debit | Credit | ||
| Cash | $ | 5,400 | ||
| Accounts receivable | 16,500 | |||
| Office supplies | 2,000 | |||
| Trucks | 182,000 | |||
| Accumulated depreciation%u2014Trucks | $ | 37,492 | ||
| Land | 75,000 | |||
| Accounts payable | 9,400 | |||
| Interest payable | 3,000 | |||
| Long-term notes payable | 52,000 | |||
| Common stock | 19,000 | |||
| Retained earnings | 162,400 | |||
| Dividends | 19,000 | |||
| Trucking fees earned | 122,000 | |||
| Depreciation expense%u2014Trucks | 24,182 | |||
| Salaries expense | 57,218 | |||
| Office supplies expense | 13,500 | |||
| Repairs expense%u2014Trucks | 10,492 | |||
| Totals | $ | 405,292 | $ | 405,292 |
| | | | | |
| The retained earnings, account balance is $162,400 at December 31,2010. |
| (1) | Prepare the income statement for the year ended December 31,2011. | ||||
|
| (2) | Prepare the statement of owner%u2019s equity, for the year endedDecember 31, 2011. |
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Related questions
Income Statement data: | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Advertising expense | $ 150,000 | ||||||||||
| Cost of merchandise sold | 3,700,000 | ||||||||||
| Delivery expense | 30,000 | ||||||||||
| Depreciation expense-office buildings and equipment | 30,000 | ||||||||||
| Depreciation expense-store buildings and equipment | 100,000 | ||||||||||
| Dividend revenue | 4,500 | ||||||||||
| Gain on sale of investments | 4,980 | ||||||||||
| Income from Pinkberry Co. investment | 76,800 | ||||||||||
| Income tax expense | 140,500 | ||||||||||
| Interest expense | 21,000 | ||||||||||
| Interest revenue | 2,720 | ||||||||||
| Miscellaneous administrative expense | 7,500 | ||||||||||
| Miscellaneous selling expense | 14,000 | ||||||||||
| Office rent expense | 50,000 | ||||||||||
| Office salaries expense | 170,000 | ||||||||||
| Office supplies expense | 10,000 | ||||||||||
| Sales | 5,254,000 | ||||||||||
| Sales commissions | 185,000 | ||||||||||
| Sales salaries expense | 385,000 | ||||||||||
| Store supplies expense | 21,000 |
Retained earnings and balance sheet data: | |
|---|---|
| Accounts payable | $ 194,300 |
| Accounts receivable | 545,000 |
| Accumulated depreciationâoffice buildings and equipment | 1,580,000 |
| Accumulated depreciationâstore buildings and equipment | 4,126,000 |
| Allowance for doubtful accounts | 8,450 |
| Available-for-sale investments (at cost) | 260,130 |
| Bonds payable, 5%, due 2024 | 500,000 |
| Cash | 246,000 |
| Common stock, $20 par | |
| (400,000 shares authorized; 100,000 shares issued, 94,600outstanding) | 2,000,000 |
| Dividends: | |
| Cash dividends for common stock | 155,120 |
| Cash dividends for preferred stock | 100,000 |
| Goodwill | 500,000 |
| Income tax payable | 44,000 |
| Interest receivable | 1,125 |
| Investment in Pinkberry Co. stock (equity method) | 1,009,300 |
| Investment in Dream Inc. bonds (long term) | 90,000 |
| Merchandise inventory (December 31, 2016), | |
| at lower of cost (FIFO) or market | 778,000 |
| Office buildings and equipment | 4,320,000 |
| Paid-in capital from sale of treasury stock | 13,000 |
| Excess of issue price over par: | |
| -Common | 886,800 |
| -Preferred | 150,000 |
| Preferred 5% stock, $80 par | |
| (30,000 shares authorized; 20,000 shares issued) | 1,600,000 |
| Premium on bonds payable | 19,000 |
| Prepaid expenses | 27,400 |
| Retained earnings, January 1, 2016 | 9,319,725 |
| Store buildings and equipment | 12,560,000 |
| Treasury stock | |
| (5,400 shares of common stock at cost of $33 per share) | 178,200 |
| Unrealized gain (loss) on available-for-sale investments | (6,500) |
| Valuation allowance for available-for-sale investments | (6,500) |
PLEASE answer number 2 (worksheet) I am really struggling with it.
Below is the unadjusted trial balance for Walton Anvils as of December 31, 2016, and the data for the adjustments. There is also an Excel Template for this problem that you may download and use (or you may use your own).
| Walton Anvils | ||
| Unadjusted Trial Balance | ||
| December 31, 2016 | ||
| Balance | ||
| Account Title | Debt | Credit |
| Cash | $ 16,900.00 | |
| Accounts Receivable | 17,500 | |
| Prepaid Rent | 2,500 | |
| Office Supplies | 1,900 | |
| Equipment | 23,000 | |
| Accumulated Depreciation - Equipment | $ 7,000.00 | |
| Accounts Payable | 6,200.00 | |
| Salaries Payable | ||
| Unearned Revenue | 5,600.00 | |
| Common Stock | 28,000.00 | |
| Retained Earnings | 1,600.00 | |
| Dividends | 4,500 | |
| Service Revenue | 20,800.00 | |
| Salaries Expense | 2,900 | |
| Rent Expense | ||
| Depreciation Expense - Equipment | ||
| Supplies Expense | ||
| Total | $ 69,200.00 | $ 69,200.00 |
Adjustment Data
| a. Unearned revenue still unearned at December 31, 2016 | $1,800 |
| b. Prepaid rent still in force at December 31, 2016 | $2,300 |
| c. Office supplies used | $1,400 |
| d. Depreciation | $380 |
| e. Accrued Salaries Expense at December 31, 2016 | $210 |
Requirements
1.Open T-accounts using the balances in the unadjusted trial balance.
2.Complete the worksheet for the year ended December 31, 2016.
3.Prepare the adjusting entries and post to the T-accounts.
4.Prepare the adjusted trial balance.
5.Prepare the income statement, the statement of retained earnings, and the classified balance sheet in report form.
6.Prepare the closing entries and post to the T-accounts.
7.Prepare a post-closing trial balance.
8.Calculate the current ratio for the company.
