Purchase Solution

Preparing financial statements.

Not what you're looking for?

Ask Custom Question

I need assistance in preparing an income statement and a statement of owner's equity for the attached adjusted trial balance from Dec. 31, 2006. I know that the K. Webb Capital account balance was $161,000 at Dec. 31, 2004.

Purchase this Solution

Solution Summary

The solution contains an income statement and a statement of owner's equity.

Solution Preview

Please see the attached file.

Account Title Debit Credit

Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 7,000
Accounts receivable . . . . . . . . . . . . . . . . . . . 16,500
Office supplies . . . . . . . . . . . . . . . . . . . . . . 2,000
Trucks . . . . . . . . . . . . . . . . . . . . . . . . . . . . 170,000
Accumulated depreciation—Trucks . . . . . . . . $35,000
Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75,000
Accounts payable . . . . . . . . . . . . . ...

Purchase this Solution


Free BrainMass Quizzes
Introduction to Finance

This quiz test introductory finance topics.

Basics of corporate finance

These questions will test you on your knowledge of finance.

Accounting: Statement of Cash flows

This quiz tests your knowledge of the components of the statements of cash flows and the methods used to determine cash flows.

Situational Leadership

This quiz will help you better understand Situational Leadership and its theories.

Basic Social Media Concepts

The quiz will test your knowledge on basic social media concepts.