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the adjusted trial balance for lightning courier as of december 31 2011 follows 644733

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

 

Debit

Credit

Cash

$ 48,000

 

Accounts receivable

110,000

 

Interest receivable

6,000

 

Notes receivable (due in 90 days)

200,000

 

Office supplies

12,000

 

Trucks

124,000

 

Accumulated depreciation—Trucks

 

$ 48,000

Equipment

260,000

 

Accumulated depreciation—Equipment

 

190,000

Land

90,000

 

Accounts payable

 

124,000

Interest payable

 

22,000

Salaries payable

 

30,000

Unearned delivery fees

 

110,000

Long term notes payable

 

190,000

J. Hallam, Capital

 

115,000

J. Hallam, Withdrawals

40,000

 

Delivery fees earned

 

580,000

Interest earned

 

24,000

Depreciation expense—Trucks

24,000

 

Depreciation expense—Equipment

46,000

 

Salaries expense

64,000

 

Wages expense

290,000

 

Interest expense

25,000

 

Office supplies expense

33,000

 

Advertising expense

26,400

 

Repairs expense—Trucks

34,600

 

Totals

$1,433,000

$1,433,000

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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