E Lucille Ball is the owner of Speedy Trucking Company, On March 31, 20OF, afterthree montha of operations, the following balances were obtained from the trialbalance.L. Ball CapitalOffice EquipmentLoan Payable (short-term)CashP 280,000 Salaries Expense48,290 Gus & Oil Expenses16,600 Supplies Expense18,540 Roceivable from Employee 36021,500 Tel. & Telegrams Expense 1,25010,000 Truck145,500 Taxes & Licenses28,900 Miscellaneous ExpenseP 15,0006,1903,150ToolsL Ball DrawingTrucking Service FeesFurniture & Fixtures284,7004,010210All transactions were purely on a cash basis.REQUIRED:L. Income Statement2 Statement of Changes in Owner's Equity3. Balance Sheet4. Statement of Cash Flows

Name: E Lucille Ball is the owner of Speedy Trucking Company, On March 31,
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Description: E Lucille Ball is the owner of Speedy Trucking Company, On March 31, 20OF, afterthree montha of operations, the following balances were obtained from the trialbalance.L. Ball CapitalOffice EquipmentLoan Payable (short-term)CashP 280,000 Salaries Exp

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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

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

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter21: Accounting For Accruals, Deferrals, And Reversing Entries

Section: Chapter Questions

Problem 1MP

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The following trial balance has been extracted from the ledger of Mr. Cole, a sole trader:Trial balance as at 31 December, 2020Particulars Debit ¢ Credit ¢Sales 138,000Purchases 82,350Travel expenses 5,200Drawings 7,800Rent, rates & insurance 6,600Postage and stationery 3,000Advertisement 1,330Salaries and wages 26,420Bad debt 8,700Investment Income 15,890Debtors 12,120 Creditors 130Cash in hand 1,700Cash at bank 1,000Inventory as at 1 January, 2020 11,800Equipment at cost 58,000Loan 19,000Capital 53,000226,020 226,020Inventory at the close of business has been valued at ¢13,500Required;Prepare an income statement for the year ending 31st December 2020 and a balance sheet as at that date.
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