Solution-Create the income statement for the year ended

Create the income statement for the year ended december

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Reference no: EM131797346

Problem

Preparing financial statements from the adjusted trial balance and calculating profit margin

The adjusted trial balance for Speedy Courier as of December 31, 2015, follows.

	Debit	Credit
Cash	$ 58.000
Accounts receivable	120.000
Interest receivable	7.000
Notes receivable (due In 90 days)	210.000
Office supplies	22.000
Trucks	134,030
Accumulated depreciation -Trudcs		$ 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	51.530.800	51.530.800

Required

1. Use the information in the adjusted trial balance to prepare (a) the income statement for the year ended December 31, 2015, (b) the statement of owner's equity for the year ended December 31, 2015, and (c) the balance sheet as of December 31, 2015.

2. Calculate the profit margin for year 2015.

Reference no: EM131797346

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Create the income statement for the year ended december

Reference no: EM131797346

Reference no: EM131797346

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