how come it is wrong please help THANK YOU Accumulatea aepr

how come it is wrong ? please help

THANK YOU

Accumulatea aepreciation-iruCKS Land Accounts payab Interest payable Long-term notes paya Common stock Retained earnings Dividends Trucking fees earned Depreciation expense-T Salaries expense Office supplies expense Repairs expense-Trucks Totals 85, e0e 12,8e0 4,800 53, e0e 2e, e0e 155, e8e le ble 20, 800 139,800 23, 500 61,88e 8,800 12,eee $410,000 rucks $410,888 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 Answer is not complete Complete this question by entering your answers in the tabs below Required Required 2 Prepare the statement of retained earnings for the year ended December 31, 2017. WILSON TRUCKING COMPANY Statement of Retained Earnings For Year Ended December 31, 2017 Retained earnings, December 31, 2016 Add: Net income 155,000 37,500 192,500 20,000 Less: Dividends Retained earnings, December 31, 2017 172,500

Solution

Income Statement For the year ended December 31,2017 Revenues Trucking fees earned 130000 Expenses Salaries expense 61000 Depreciation expense-Trucks 23500 Office supplies expense 8000 Repairs expense-Trucks 12000 Total expenses 104500 Net income 25500 Statement of Retained Earnings For the year ended December 31,2017 Retained earnings, December 31,2016 155000 Add: Net income 25500 180500 Less: Dividends 20000 Retained earnings, December 31,2017 160500