Preparing financial statements from the adjusted trial balance The adjusted trial balance for Speedy Courier as of December 31, 2008, follows.

Required Use the information in the adjusted trial balance to prepare

(a) the income statement for the year ended December 31, 2008,

(b) the statement of owner’s equity for the year ended December 31, 2008, and

(c) the balance sheet as of December 31, 2008.

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Cash Accounts receivable Debit Credit 58,000 120,000 Interest receivable 7,000 Notes receivable (due in 90 days) 210,000 Office supplies 22,000 Trucks 134,000 Accumulated depreciation-Trucks $ 58,000 Equipment 270,000 Accumulated depreciation-Equipment 200,000 Land... 100,000 Accounts payable 254,000 Interest payable 20,000 Salaries payable 28,000 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 74,000 300,000 Wages expense Interest expense 15,000 Office supplies expense 31,000 27.200 Advertising expense Repairs expense-Trucks 35,600 $1,530,800 $1,530,800 Totals