nd The adjusted trial balance for Speedy Courier as of December 31 follows. Debit Credit $...

 

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nd The adjusted trial balance for Speedy Courier as of December 31 follows. Debit Credit $ 58,000 Cash Accounts receivable Interest receivable Notes receivable (due in 90 days) Office supplies 120,000 7,000 210,000 22,000 Trucks 134,000 Accumulated depreciation-Trucks $ 58,000 Equipment 270,000 Accumulated depreciation-Equipment 200,000 Land 100,000 Accounts payable 134,000 Interest payable 20,000 Salaries payable 28,000 Unearned delivery fees 120,000 Long-term notes payable 200,000 L Horace, Capital 125,000 L Horace, Withdrawals - 50,000 Delivery fees earned 611,800 Interest earned 34,000 Depreciation expense-Trucks 29,000 Depreciation expense-Equipment 48.000 Salaries expense 74,000 Wages expense 300,000 Interest expense 15,000. Office supplies expense 31,000 Advertising expense 27,200 Repairs expense-Trucks 35,600 Totals.. $1,530,800 $1,530,800 Required 1. Use the information in the adjusted trial balance to prepare (a) the income statement for the year ended December 31; (b) the statement of owner's equity for the year ended December 31 [Note: L. Horace, Capital at Dec. 31 of the prior year was $125,000]; and (c) the balance sheet as of December 31. 2. Compute the profit margin for the year (use total revenues as the denominator). nd The adjusted trial balance for Speedy Courier as of December 31 follows. Debit Credit $ 58,000 Cash Accounts receivable Interest receivable Notes receivable (due in 90 days) Office supplies 120,000 7,000 210,000 22,000 Trucks 134,000 Accumulated depreciation-Trucks $ 58,000 Equipment 270,000 Accumulated depreciation-Equipment 200,000 Land 100,000 Accounts payable 134,000 Interest payable 20,000 Salaries payable 28,000 Unearned delivery fees 120,000 Long-term notes payable 200,000 L Horace, Capital 125,000 L Horace, Withdrawals - 50,000 Delivery fees earned 611,800 Interest earned 34,000 Depreciation expense-Trucks 29,000 Depreciation expense-Equipment 48.000 Salaries expense 74,000 Wages expense 300,000 Interest expense 15,000. Office supplies expense 31,000 Advertising expense 27,200 Repairs expense-Trucks 35,600 Totals.. $1,530,800 $1,530,800 Required 1. Use the information in the adjusted trial balance to prepare (a) the income statement for the year ended December 31; (b) the statement of owner's equity for the year ended December 31 [Note: L. Horace, Capital at Dec. 31 of the prior year was $125,000]; and (c) the balance sheet as of December 31. 2. Compute the profit margin for the year (use total revenues as the denominator).

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1 a Income Statement for the year ended December 31 Revenue Amount Delivery fees earne... View the full answer