Adjusted trial balance to prepare wilson trucking

Assignment Help Accounting Basics
Reference no: EM13320486

  Account Title Debit Credit
  Cash $ 7,800  

  Accounts receivable
15,500  

  Office supplies
6,160  

  Trucks
200,000  

  Accumulated depreciation-Trucks

$ 41,200  
  Land
41,000  

  Accounts payable


11,800  
  Interest payable


2,000  
  Long-term notes payable


59,000  
  Common stock


35,000  
  Retained earnings


128,194  
  Dividends
22,000  

  Trucking fees earned


124,000  
  Depreciation expense-Trucks
26,574  

  Salaries expense
52,528  

  Office supplies expense
20,000  

  Repairs expense-Trucks
9,632  






  Totals $ 401,194   $ 401,194  










Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31, 2013.

Reference no: EM13320486

Questions Cloud

What is the effective annual interest rate : A magazine offers a one-year subscription at a cost of 15 with renewal the following year 16.50. Also offered is a two-year subscription at a cost of 28.
Heather and terry have a mortgage on their primary residence : Heather & Terry have a mortgage on their primary residence of $750,000 and a mortgage on their vacation home of $410,000. In 2013, they incurred $46,400 of mortgage interest expense. How much, if any, of that interest is deductible on Schedule A?
Record the credit sale : Record the credit sale of 2,000 units from job no. 321 at a unit sales price of $5. Record in a separate entry the related cost of goods sold. Prepare general journal entries to the above statements ): General Journal Debit Credit a. b. c.
The model with particular attention paid : The variables in the model with particular attention paid to whether consumer spending will increase, job growth will occur, and wages will rise.
Adjusted trial balance to prepare wilson trucking : Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31, 2013.
The basis of direct labor-hours : Urquhart Corporation applies manufacturing overhead on the basis of direct labor-hours. At the beginning of the most recent year, the company based its predetermined overhead rate on total estimated overhead of $106,000 and 3,600 estimated direct ..
Obama goals is energy independence for the united states : One of President Obama's goals is energy independence for the United States. Suppose the President and Congress agree to a revenue-neutral plan to increase tax credits for production of green energy. Using the classical model, verbally and gra..
Common-sized financial statements : What common-sized financial statements tell you that you couldn't learn from the financial statements themselves? Be specific.
The strategic objectives of the company : The board of a company decides that the strategic objectives of the company should be:to become established as the best in its field.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Determine the variable cost component per machine hour

Utilities are typically a ‘mixed cost,' containing both a fixed and variable element. Given the following history of electric bills and machine hours, use the "High/Low Method" to determine the variable cost component per machine hour:

  What is the total cost to be allocated to city department

Sanilac County has a lease on a lawn mower for $2500 per month and $.02 per minute of operation. Operating costs for fuel, oil, technicians, and so on are all variable at $.03 per minute. Departments had projected a need for 100,000 minutes per mo..

  What is the best estimate of the stock price per share

The company has 10 million shares of stock outstanding. What is the best estimate of the stock's price per share? show your calculation.

  Find which option is more suitable for the company

Casso limited has an option to purchase new car for the use froma bank on loan for Rs. 100,000 with 16% interest payable. Find which option is more suitable for the company.

  Inquiries of management

Additionally, discuss what you learned about planning an audit and how this was applied in the Apollo Case Study, including results of the planning procedures performed as part of your Apollo assignment. What areas or items did you note that will ..

  Detection risk and audit risk model

When discussing planned detection risk (PDR) and the audit risk model, which of the following statements is not true?

  Earnings per common share amounted

At December 31, 2010 and 2009, Glass Corp, had 120,000 shares of common stock and 10,000 shares of 5%, $100 par value cumulative preferred stock outstanding. No dividends were declared on either the preferred or common stock in 2010 or 2009. Net i..

  Calculate desired profit

MBA 640 Exam 1,  Spring 1, 2014 Suppose that Smith follows a strategy of one of its competitors which is to spend $200,000 on advertising so that there is more brand awareness.

  Where would the capital lease be reported in the government

Assume a government leases equipment to be used in governmental activities under a noncancelable lease, meeting the requirements for classification as a capital lease. Where would the capital lease be reported in the government's financial stateme..

  Determining the initial accounting

In determining the initial accounting for leases for both the lessee and the lessor?

  Properly applied the equity method to investment in subsid

On January 1, 2013, Subsid had common stock of $260,000 and retained earnings of $400,000. During that year, Subsid reported sales of $270,000, cost of goods sold of $140,000, and operating expenses of $54,000.

  Modern forensic techniques can be beaten or circumvented

1. Usually, if a work of art carries a significant price tag, it requires a credible provenance. The task is different for stolen than for fake material. Please explain.  2. Discuss and explain how modern forensic techniques can be beaten or circumve..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd