eBook Income Statement and Balance Sheet Income Statement Labels and Amount Descriptions Instructions Instructions 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. $ 4,900 $ 17,000 Interest payable Accounts payable 6,400 Inventory (repair parts) 39,200 Accounts receivable 34,300 Investments (long term) 42,400 Accumulated depreciation (equipment) 170,000 Notes payable (due May 2, 2026) 7,700 Cash 27,000 Prepaid rent (3 months) 100,000 Common stock (20,000 shares) Depreciation expense (equipment) Rent expense 103,500 12,100 Retained earnings, 12/31/2019 Dividends 6,100 37,600 Service revenue (parking) Equipment 270,500 233,000 Income taxes expense Service revenue (repair) 2,700 198,100 Income taxes payable 1,200 Supplies expense (repair parts) 36,800 Interest expense 21,300 Wages expense 246,800 Interest income 4,400 Wages payable 12,000 eck My Work 1 more Check My Work uses remaining. Previnue ructio Labels and Amount Descriptions Labels s Airp Current assets follow Current liabilities Acc December 31, 2019 Acc Expenses Acd For the year ended December 31, 2019 Cas Long-term investments Cor Long-term liabilities Dep Property, plant, and equipment Divi Revenues Equ Stockholders' equity Inco Amount Descriptions Inco Net income Inte Net loss Inte Total assets Total current assets My Work 1 more Check My Work uses remaining. me Statement and Balance Sheet Income Statement Labels and Amount Descriptions structions uctio Labels and Amount Descriptions Long-term investments Ac Acc Long-term liabilities Acd Property, plant, and equipment 2, 2026) Cas Revenues Cor Stockholders' equity Dep Amount Descriptions /2019 Divi Net income Equ Net loss nc Total assets Total current assets parts) nte Total current liabilities ate Total expenses Total liabilities Total liabilities and stockholders' equity Total revenues nded Dece Total stockholders' equity k 1 more Check My Work uses remaining. eAssignmen Print Item Calculator eBook Income Statement and Balance Sheet Income Statement Labels and Amount Descriptions Instructions Shaded cells have feedback. X po Income Statement nCome Statentent For the year ended December 31, 2019 Revenues: $233,000.00 Service revenue (parking) 2019. 198,100.00 Service revenue (repair) $34,900.00 Total revenues 6 Expenses: $246,800.00 Wages expense 36,800.00 Supplies expense (repair parts) 103,500.00 * Rent expense 12,100.00 * Depreciation expense (equipment) 10 2,700.00 Income taxes expense 11 21,300.00 12 Interest expense Total expenses 423,200.00 13 eck My Work 1 more Check My Work uses remaining. Shaded cells have feedback. X e St Balance Sheet Score: 55/195 Ross Airport Auto Service vic Balance Sheet December 31, 2019 Tot Assets ns 2 Current assets: jes $7,700.00 oli Cash 39,200.00 Accounts receivable 4 6,400.00 Inventory (repair parts) ej 6. $53,300.00 Total current assets 8 Long-term investments: Investments (long term) 34,300.00 10 Current liabilities: Accounts payable 11 $17,000.00 Less: Wages payable 12 12,000.00 U.S. Sun 4:26 P Help qe Window geNOWv2 | Online teach x G what is non current liabilities - x + ent/takeAssignmentMain.do?inprogress%=true Print Item Calculator Shaded cells have feedback. me St Balance Sheet luan funl suuaunsaA Servic 10 Current liabilities: $17,000.00 11 Accounts payable 12,000.00 Tot 12 Less: Wages payable $29,000.00 pens 13 Total current liabilities Wages Liabilities and Stockholders' Equity 14 uppli 15 Stockholders' equity: ent e 16 $100,000.00 Common stock (20,000 shares) eprej 17 Retained earnings, 12/31/2019 37,600.00 com 18 tere: 19 Tot 20 Total stockholders' equity $137,600.00 21 Property, plant, and equipment: 22 Equipment 270,500.00 23 24 (Label) rk 1 more Check My Work uses remninin Sun 4:27 PM Help Window Tab kmarks People what is non current liabilities- x G x * CengageNOWv2 | Online teaci ceac x m/ilrn/takeAssignment/takeAssignmentMain.do?inprogress=true Print Item Calculator eBook Shaded cells have feedback. Income St Balance Sheet 37,600.00 Retained earnings, 12/31/2019 Servid 17 18 Tot 19 $137,600.00 Total stockholders' equity 6 Expens 20 Wages Property, plant, and equipment: 21 Suppli 22 Equipment 270,500.00 Rent e 23 10 Depre 24 (Label) Incom 11 25 Intere 12 26 Tot 13 27 Total liabilities and stockholders' equity 14 28 Points: 13.54 / 48
