Solution to Problem 3-5B

Solution to Problem 3-5B - Problem 3-5B (50 minutes) Part 1...

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Problem 3-5B (50 minutes) Part 1 LIGHTNING COURIER Income Statement For Year Ended December 31, 2011 Revenues Delivery fees earned. ................................... $580,000 Interest earned. ............................................ 24,000 Total revenues. ............................................. $604,000 Expenses Depreciation expense—Trucks. .................. 24,000 Depreciation expense—Equipment. ............ 46,000 Salaries expense. ......................................... 64,000 Wages expense. ........................................... 290,000 Interest expense. .......................................... 25,000 Office supplies expense. ............................. 33,000 Advertising expense. ................................... 26,400 Repairs expense—Trucks. ........................... 34,600 Total expenses. ............................................ 543,000 Net income. ..................................................... $ 61,000 LIGHTNING COURIER Statement of Retained Earnings
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Solution to Problem 3-5B - Problem 3-5B (50 minutes) Part 1...

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