The following is the adjusted trial balance of wilson trucking company.
account title debit credit
cash $ 5,500
accounts receivable 16,500
office supplies 2,000
trucks 196,000
accumulated depreciation—trucks $40,376
land 75,000
accounts payable 9,500
interest payable 3,000
long-term notes payable 52,000
k. wilson, capital 193,270
k. wilson, withdrawals 19,000
trucking fees earned 115,500
depreciation expense—trucks 26,043
salaries expense 54,170
office supplies expense 9,500
repairs expense—trucks 9,933
totals $ 413,646 $ 413,646
the k. wilson, capital account balance is $193,270 at december 31, 2016.
required:
(1) prepare the income statement for the year ended december 31, 2017.
(2) prepare the statement of owner’s equity for the year ended december 31, 2017.

PART 1: Wilson Trucking Company reported Net Income of $15,854  for the year ended December 31, 2017.

PART 2: As per the statement of changes in equity, K. Wilson Capital Account Balance as at December 31, 2017 is $190,124

* Please note that figures in brackets represent negative values.

Explanation:

PART 1    

                                           Wilson Trucking Company

                     Income Statement for the year ended December 31, 2017

Revenue

Trucking Fees                                                         $115,500  

Less Expenses:  

Depreciation expense of Trucks                                  $(26,043)

Salaries expense                                                          $(54,170)

Office supplies expense                                          $(9,500)

Repairs expense -Trucks                                          $(9,933)

Net Income                                                                 $15,854  

PART 2  

                                        Wilson Trucking Company

     Statement of changes in Equity for the year ended December 31, 2017

K. Wilson Capital Account Balance as at December 31, 2016  $193,270  

Add: Net Income for the year                                                          $15,854  

Less: K. Wilson withdrawals during the year                                  $(19,000)

K. Wilson Capital Account Balance as at December 31, 2017  $190,124  

hi,

henry is an economist and wants to understand the relationship between inflation and consumer spending habits. for his research, he needs the consumer price index for 2014 and the inflation rate. based on the prices of goods given, what will he find to be the cpi and inflation rate for 2014? assume that a consumer’s basket for three consecutive years consists of the following:

you dont privide answer choices.

answer - 15% of a inflatation rate is 15% less in cpi