Acc225 Fundamental Accounting Principles: E4-5 information in the adjusted trial -Webb Trucking

Acc225 Fundamental Accounting Principles Exercise 4-5 Preparing the financial statements Use the information in the adjusted trial balance reported in Exercise 4-4 to prepare Webb Trucking Company's (1) income statement, and (2) statement of owner's equity. The K. Webb, Capital account balance is $161,000 at December 31, 2004. Account Title Debit Credit Cash 7,000 Accounts Receivable 16,500 Office Supplies 2,000 Trucks 170,000 Accumulated depreciation-Trucks 35,000 Land 75,000 Accounts payable 11,000 Interest payable 3,000 Long-term notes payable 52,000 K.Webb, Capital 161,000 K.Webb, Withdrawals 19,000 Trucking fees earned 128,000 Depreciation expense-Trucks 22,500 Salaries expense 60,000 Office supplies expense 7,000 Repairs expense-Trucks 11,000 Totals 390,000 390,000
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