ACCT110 - Accounting Principles 1 Homework Week 4 Deadline Due by the end of Week 4 at 11:59 pm, ET. Completing this assignment will help you meet the following Course Outcomes: Interpret and apply Generally Accepted Accounting Principles (GAAP) to analyze, record, and report financial information for a service business using computerization Evaluate a complete accounting cycle including the analysis, recording process from source documents, and transaction summary, through post-closing trial balance for a service business using computerization. Directions: After the success of the company's first two months, K. Wilson continues to operate Business Solutions. The December 31, adjusted trial balance of Business Solutions follows: $ Account Title Credit Cash $ 8.000 Accounts receivable 17.500 Office supplies 3.000 Trucks 172.000 Accumulated depreciation --Trucks Land. Accounts payable 12.000 Interest payable 4,000 Long-term notes payable 53.000 K. Wilson, Capital 175.000 K Wilson, Withdrawals 130,000 Trucking fees earned Depreciation expense - Trucks 23.500 Salaries expense 61.000 Office supplies expense 8,000 12.000 Repairs expense - Trucks Totals $410.000 $410.000 1978,000 Debit $ 36,000 accounts 85.000 175/ 20.000 203081 2/36,080 124 uired (100 points, 20 points each) 1. Prepare an income statement for the month ended December 31. 2. Prepare a statement of owner's equity for the month ended December 31. (Note: The company just began operations on November 1) Which of the elements of this scenario represent a flow from a firm to a household? This could be a flow of dollars, inputs, or outputs. Check all that apply. The $150 Jacques spends to purchase legal service from Rowan and Martin Associates The car wash Kyoko receives Kyoko's labor The $400 per week Jacques earns working for Spotless Car Wash