Use the following adjusted trial balance of Webb Trucking Company to prepare a classified balance s

Use the following adjusted trial balance of Webb Trucking Company to prepare a classified balance sheet as of December 31, 2005. Account Title Debit Credit Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 7,000 Accounts receivable . . . . . . . . . . . . . . . . . . . 16,500 Office supplies . . . . . . . . . . . . . . . . . . . . . . 2,000 Trucks . . . . . . . . . . . . . . . . . . . . . . . . . . . . 170,000 Accumulated depreciation—Trucks . . . . . . . . $ 35,000 Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75,000 Accounts payable . . . . . . . . . . . . . . . . . . . . . 11,000 Interest payable . . . . . . . . . . . . . . . . . . . . . . 3,000 Long-term notes payable . . . . . . . . . . . . . . . 52,000 K.Webb, Capital . . . . . . . . . . . . . . . . . . . . . 161,000 K.Webb, Withdrawals . . . . . . . . . . . . . . . . . 19,000 Trucking fees earned . . . . . . . . . . . . . . . . . . 128,000 Depreciation expense—Trucks . . . . . . . . . . . 22,500 Salaries expense . . . . . . . . . . . . . . . . . . . . . 60,000 Office supplies expense . . . . . . . . . . . . . . . . 7,000 Repairs expense—Trucks . . . . . . . . . . . . . . . 11,000 Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $390,000 $390,000 * Check Total assets, $235,500; K.Webb, Capital, $169,500 Preparing the financial statements Use the information in the adjusted trial balance reported in Exercise 4-4 to prepare Webb Trucking Company’s (1) income statement, and (2) statement of owner’s equity. The K. Webb, Capital account balance is $161,000 at December 31, 2004.

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