The adjusted trial balance for Speedy Courier as of December 31 follows.

Required
Use the information in the adjusted trial balance to prepare

(a) the income statement for the year ended December 31;

(b) the statement of retained earnings for the year ended December 31 [Note: Retained Earnings at Dec. 31 of the prior year was $110,000.]; and

(c) the balance sheet as of December 31.

Transcribed Image Text:

Cash Accounts receivable Interest receivable Notes receivable (due in 90 days) Office supplies.. Trucks... Accumulated depreciation-Trucks Equipment Accumulated depreciation Equipment. Land ... Accounts payable Interest payable. Salaries payable Unearned revenue. Long-term notes payable Common stock.. Retained earnings Dividends..... Services revenue Interest revenue Depreciation expense--Trucks Depreciation expense-Equipment Salaries expense Wages expense Interest expense Office supplies expense Advertising expense Repairs expense-Trucks Totals... Debit $ 58,000 120,000 7,000 210,000 22,000 134,000 270,000 100,000 50,000 29,000 48,000 74,000 300,000 15,000 31,000 27,200 35,600 $1,530,800 Credit $ 58,000 200,000 134,000 20,000 28,000 120,000 200,000 15,000 110,000 611,800 34,000 $1,530,800