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value: 2.35 points
Use the information in the following adjusted trial balance for the Webb Trucking Company.
Account Title
Debit
Credit
Cash
$
7,300
Accounts receivable
16,500
Office supplies
2,000
Trucks
197,000
Accumulated depreciation—Trucks
$
40,582
Land
75,000
Accounts payable
11,300
Interest payable
3,000
Long-term notes payable
52,000
K. Webb, Capital
183,638
K. Webb, Withdrawals
19,000
Trucking fees earned
134,500
Depreciation expense—Trucks
26,175
Salaries expense
63,080
Office supplies expense
7,398
Repairs expense—Trucks
11,567
Totals
$
425,020
$
425,020
(1)
Calculate the current ratio. (Assume that the industry average for the current ratio is 1.5.) (Round your answer to 2 decimal places.)
Current ratio
(2)
Compare Webb's current ratio with the industry average.
Webb's current ratio is above the industry average.
Webb's current ratio is below the industry average.
2.
value: 2.35 points
The following adjusted trial balance of Webb Trucking Company.
Account Title
Debit
Credit
Cash
$
8,100
Accounts receivable
16,500
Office supplies
2,000
Trucks
158,000
Accumulated depreciation—Trucks
$
32,548
Land
75,000
Accounts payable
12,100
Interest payable
3,000
Long-term notes payable
52,000
K. Webb, Capital
160,160
K. Webb, Withdrawals
19,000
Trucking fees earned
113,000
Depreciation expense—Trucks
20,993
Salaries expense
52,997
Office supplies expense
10,500
Repairs expense—Trucks
9,718
Totals
$
372,808
$
372,808
The K. Webb, Capital, account balance is $160,160 at December 31, 2010.
(1)
Prepare the income statement for the year ended December 31, 2011. (Input all amounts as positive values. Omit the "$" sign in your response.)
WEBB TRUCKING COMPANY Income Statement For Year Ended December 31, 2011
3.
value: 2.35 points
Account Title
Debit
Credit
Cash
$
5,000
Accounts receivable
29,000
Office supplies
6,958
Trucks
190,000
Accumulated depreciation—Trucks
$
39,140
Land
46,000
Accounts payable
9,000
Interest payable
20,000
Long-term notes payable
61,000
K. Webb, Capital
146,271
K. Webb, Withdrawals
17,000
Trucking fees earned
125,000
Depreciation expense—Trucks
25,245
Salaries expense
59,329
Office supplies expense
11,000
Repairs expense—Trucks
10,879
Totals
$
400,411
$
400,411
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