QS $3-19($Algo$)$ Preparing financial statements LO P$5$

The adjusted trial balance for Happ Company follows.

Adjusted Trial Balance

December $31$

Number Account Title Debit Credit

$101$ Cash $ $8,000$

$106$ Accounts receivable $34,960$

$153$ Trucks $42,000$

$154$ Accumulated depreciation$$Trucks $ $16,884$

$183$ Land $30,000$

$201$ Accounts payable $18,640$

$209$ Salaries payable $4,264$

$233$ Unearned revenue $3,664$

$301$ E$.$ Happ, Capital $67,042$

$302$ E$.$ Happ, Withdrawals $26,766$

$401$ Plumbing revenue $97,000$

$611$ Depreciation expense$$Trucks $5,628$

$622$ Salaries expense $45,396$

$640$ Rent expense $14,744$

Totals $ $207,494$ $ $207,494$

a$.$ Use the adjusted trial balance to prepare the December $31$ year$-$end income statement.

b$.$ Use the adjusted trial balance to prepare the December $31$ year$-$end statement of owner's equity. The E$.$ Happ, Capital account balance was $$67,042$ on December $31$ of the prior year, and there were no owner investments in the current year.

c$.$ Use the adjusted trial balance to prepare the December $31$ year$-$end balance sheet.