Adjusted Trial Balance Income Statement
Account Title Debit Credit Debit Credit Debit
Cash $7,000.00 $7,000.00
Accounts Receivable $16,500.00 $16,500.00
Office Supplies $2,000.00 $2,000.00
Trucks $170,000.00 $170,000.00
Accumulated depreciation - Trucks $35,000.00
Land $75,000.00 $75,000.00
Accounts Payable $11,000.00
Interest Payable $3,000.00
Long-term notes payable $52,000.00
K. Webb, Capital $161,000.00
K. Webb, Withdrawals $19,000.00 $19,000.00
Trucking fees earned $128,000.00 $128,000.00
Depreciation expense - Trucks $22,500.00 $22,500.00
Salaries expense $60,000.00 $60,000.00
Office supplies expense $7,000.00 $7,000.00
Repairs expense - Trucks $11,000.00 $11,000.00
Totals $390,000.00 $390,000.00 $100,500.00 $128,000.00 $289,500.00
Net Income $27,500.00
Totals $128,000.00 $128,000.00 $289,500.00
Classified Balance Sheet
Assets
Current assets
Cash $7,000.00
Accounts Receivable $16,500.00
Office Supplies $2,000.00
Plant Assets
Trucks $170,000.00
Accumulated depreciation - Trucks ($35,000.00) $135,000.00
Land $75,000.00
Total Assets $235,500.00
Liabilities
Current liabilities
Accounts Payable $11,000.00
Interest Payable $3,000.00
Long-term liabilities
Long-term notes payable $52,000.00
Total Liabilities $66,000.00
Equity
K. Webb, Capital $169,500.00
Total liabilities and equity $235,500.00
Balance Sheet and
Statement of Owner
Equity
