4-2 - RESOURCE TRUCKING COMPANY Income Statement For Year...

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Page 2 of 9 http://ezto.mhhm.mcgraw-hill.com/hm_accounting.tpx?todo=printview 2. award: 1 out of 1 point 3. award: 1 out of 1 point [The following information applies to the questions displayed below.] The following adjusted trial balance relates to Resource Trucking Company. Account Title Debit Credit Cash $ 5,800 Accounts receivable 17,500 Office supplies 3,000 Trucks 156,000 Accd. depreciation—Trucks $ 32,136 Land 85,000 Accounts payable 9,800 Interest payable 4,000 Long-term notes payable 53,000 J. Reso, Capital 161,901 J. Reso, Withdrawals 20,000 Trucking fees earned 121,000 Depreciation expense—Trucks 20,727 Salaries expense 56,749 Office supplies expense 6,655 Repairs expense—Trucks 10,406 Totals $381,837 $381,837 The J. Reso, Capital account balance is $161,901 at December 31, 2008. Requirement 1: Prepare the Resource Trucking Company's income statement. (Input all amounts as positive values. Omit the "$" sign in your response.)
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Unformatted text preview: RESOURCE TRUCKING COMPANY Income Statement For Year Ended December 31, 2009 Trucking Fees Earned $ 121,000 Expenses: Office Supplies Expense $ 6,655 Salaries Expense 56,749 Repairs Expense-Trucks 10,406 Depreciation Expense-Trucks 20,727 Total expenses 94,537 Net Income $ 26,463 Worksheet Learning Objective: 04-C2 Requirement 1: Prepare the Resource Trucking Company's income statement. (Input all amounts as positive values. Omit the "$" sign in your response.) RESOURCE TRUCKING COMPANY Income Statement For Year Ended December 31, 2009 Trucking Fees Earned $ 121,000 Expenses: Depreciation Expense-Trucks $ 20,727 Salaries Expense 56,749 Office Supplies Expense 6,655 Repairs Expense-Trucks 10,406 Total expenses 94,537 Net Income $ 26,463 Requirement 2: Prepare the statement of owner's equity. (Omit the "$" sign in your response.)...
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