Ross Airport Auto Service provides parking and minor repair service at the local airport while customers are away on business or pleasure trips. The following account balances (except for retained earnings) are available for Ross Airport Auto Service at December 31, 2019.

Required:

Prepare a single-step income statement and a classified balance sheet for the year ended December 31, 2019.

Transcribed Image Text:

Interest payable Inventory (repair parts) Investments (long term) Accounts payable Accounts receivable Accumulated depreciation (equipment) Cash Common stock (20,000 shares) Depreciation expense (equipment) Dividends $ 4,800 6,100 35,000 160,000 27,300 103,500 48,200 232,600 198, 500 36,900 246, 100 12,500 S 17,200 42,300 7,700 100,000 12,450 6,300 270,800 2,700 1,100 21,300 4, 100 Notes payable (due May 2, 2026) Prepaid rent (3 months) Rent expense Retained earnings, 12/31/2019 Service revenue (parking) Service revenue (repair) Supplies expense (repair parts) Wages expense Wages payable Equipment Income taxes expense Income taxes payable Interest expense Interest income