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E4-4 Use the following adjusted trial balance of Webb Trucking Company to prepare

Price: $2.99


Use the following adjusted trial balance of Webb Trucking Company to prepare the (1) income statement and (2) statement of owner’s equity, for the year ended December 31, 2011. The K. Webb, Capital, account balance is $161,000 at December 31, 2010.

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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