Use the following adjusted trial balance of Webb Trucking Company to prepare the (1) income statement and (2) statement of retained earnings, for the year ended December 31, 2011. The retained earnings account balance is $151,000 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 |
Common stock |
| 10,000 |
Retained earnings |
| 151,000 |
Dividends | 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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