3 Lucille Ball is the owner of Speedy Trucking Company. On March 31, 20OF, ate three months of operations, the following balances were obtained from the triai balance. L. Ball Canital
3 Lucille Ball is the owner of Speedy Trucking Company. On March 31, 20OF, ate three months of operations, the following balances were obtained from the triai balance. L. Ball Canital
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
required: INcome statement, Statement of changes in owners equity, and
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
Transcribed Image Text:Chapter 3
Financial Stateme
E
Lucille Ball is the owner of Speedy Trucking Company. On March 31, 200F, alter
three months 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
P 15,000
6,190
3,150
360
P 280,000 Salaries Expense
48,290 Gas & Oil Expenses
16,600 Supplies Expense
18,540 Receivable from Employee
21,500 Tel. & Telegrams Expense 1,250
10,000 Truck
145,500 Taxes & Licenses
28,900 Miscellaneous Expense
Trucking Service Fees
Furniture & Fixtures
284,700
4,010
210
All transactions were purely on a cash basis.
REQUIRED:
1. Income Statement
2. Statement of Changes in Owner's Equity
3. Balance Sheet
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