Preparing financial statements.
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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.
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Solution Summary
The solution contains an income statement and a statement of owner's equity.
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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 . . . . . . . . . . . . . ...
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