required: INcome statement, Statement of changes in owners equity, and balance sheetthank you Chapter 3Financial StatemeELucille Ball is the owner of Speedy Trucking Company. On March 31, 200F, alterthree months of operations, the following balances were obtained from the trialbalance.L. Ball CapitalOffice EquipmentLoan Payable (short-term)CashToolsL. Ball DrawingP 15,0006,1903,150360P 280,000 Salaries Expense48,290 Gas & Oil Expenses16,600 Supplies Expense18,540 Receivable from Employee21,500 Tel. & Telegrams Expense 1,25010,000 Truck145,500 Taxes & Licenses28,900 Miscellaneous ExpenseTrucking Service FeesFurniture & Fixtures284,7004,010210All transactions were purely on a cash basis.REQUIRED:1. Income Statement2. Statement of Changes in Owner's Equity3. Balance Sheet

The income statement shows the net income or loss of the company. Whereas, the balance sheet shows…

Answered: 3 Lucille Ball is the owner of Speedy…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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required: INcome statement, Statement of changes in owners equity, and balance sheet

thank you

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

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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