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.

Exercise 4-4

Use the following adjusted trial balance of Webb Trucking Company to prepare a classified balance sheet as of December 31, 2005.

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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