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Use the above adjusted trial balance

20/03/2021 Client: saad24vbs Deadline: 2 Day

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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