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The adjusted trial balance for Calla hay Company as of December 31, 2011, follows.
Cash
$ 22,000
Accounts receivable
44,000
Interest receivable
10,000
Notes receivable (due in 90 days)
160,000
Office supplies
8,000
Automobiles
Accumulated depreciation-Automobiles
$ 42,000
Equipment
130,000
Accumulated depreciation-Equipment
Land
70,000
Accounts payable
88,000
Interest payable
12,000
Salaries payable
11,000
Unearned fees
22,000
Long-term notes payable
J Callahay, Capital
247,800
J Callahay, Withdrawals
38,000
Fees earned
420,000
Interest earned
16,000
Depreciation expense - Automobiles
18,000
Depreciation expense - Equipment
Salaries expense
180,000
Wages expense
32,000
Interest expense
24,000
Office supplies expense
26,000
Advertising expense
50,000
Repairs expense - Automobiles
16,800
Totals
$998,800
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;
(c) the balance sheet as of December 31, 2011.
2. Calculate the profit margin for year 2011.
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