The adjusted trial balance for Lightning Courier as of December 31, 2011, follows.

Required
1. Use the information in the adjusted trial balance to prepare
(a) The income statement for the year ended December 31, 2011,
(b) The statement of owner’s equity for the year ended December 31, 2011, and
(c) The balance sheet as of December 31, 2011.
2. Calculate the profit margin for year2011.

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Debit Credit 110,000 Interest receivable Notes receivable (due in 90 days) Office supplies Trucks. 00,000 2,000 124,000 $ 48,00 Equipment Land... Interest payable 260,000 90,000 90,000 124.000 22,000 30,000 10,000 190,000 115.000 Unearned delivery fees. Long-term notes payable . . . . . . . . . J. Hallam, Capital. . 40,000 580.000 24.000 Interest earned Depreciation expense-Trucks 24,000 Salaries expense 64,000 290,000 25,000 33,000 26,400 34.600 . Office supplies expense expense 4SAANN Repairs expense Trucks