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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