E Lucille Ball is the owner of Speedy Trucking Company, On March 31, 200F, afier three montha of operations, the following balances were obtained from the trial balance. L. Ball Capital Office Equipment Loan Payable (short-term) Cash Tools L. Ball Drawing Trucking Service Fees Furniture & Fixtures P 280,000 Salaries Expense 48,290 Gas & Oil Expenses 16,600 Supplies Expense 18,540 Roceivable from Employee 360 21,500 Tel. & Telegrams Expenke 1,250 10,000 Truck 145,500 Taxes & Licenses 28,900 Miscellaneous Expense P 15,000 6,190 3,150 284,700 4,010 210 All transactions were purely on a cash basis. REQUIRED: L Income Statement 2 Statement of Changes in Owner's Equity 3. Balance Shet 4. Statement of Cash Flows

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business…