The adjusted trial balance for Lightning Courier as of December 31, 2011, follows.
| Debit | Credit |
Cash | $ 48,000 |
|
Accounts receivable | 110,000 |
|
Interest receivable | 6,000 |
|
Notes receivable (due in 90 days) | 200,000 |
|
Office supplies | 12,000 |
|
Trucks | 124,000 |
|
Accumulated depreciation—Trucks |
| $ 48,000 |
Equipment | 260,000 |
|
Accumulated depreciation—Equipment |
| 190,000 |
Land | 90,000 |
|
Accounts payable |
| 124,000 |
Interest payable |
| 22,000 |
Salaries payable |
| 30,000 |
Unearned delivery fees |
| 110,000 |
Long-term notes payable |
| 190,000 |
Common stock |
| 15,000 |
Retained earnings |
| 100,000 |
Dividends | 40,000 |
|
Delivery fees earned |
| 580,000 |
Interest earned |
| 24,000 |
Depreciation expense—Trucks | 24,000 |
|
Depreciation expense—Equipment | 46,000 |
|
Salaries expense | 64,000 |
|
Wages expense | 290,000 |
|
Interest expense | 25,000 |
|
Office supplies expense | 33,000 |
|
Advertising expense | 26,400 |
|
Repairs expense—Trucks | 34,600 |
|
Totals | $1,433,000 | $1,433,000 |
Required
1. Use the information in the adjusted trial balance to prepare (a) the income statement for the year ended December 31, 2011, (b) the statement of retained earnings for the year ended December 31, 2011, and (c) the balance sheet as of December 31, 2011.
2. Calculate the profit margin for year 2011.
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