Question
Problem 2. (9 Points). Using the information given below, prepare an income statement and statement of retained earnings for Rapid Car Services from the adjusted
Problem 2. (9 Points).
Using the information given below, prepare an income statement and statement of retained earnings for Rapid Car Services from the adjusted trial balance.
Rapid Car Services Adjusted Trial Balance For the year ended December 31 | ||
Cash . | $33,000 | |
Accounts receivable . | 14,200 | |
Office supplies . | 1,700 | |
Vehicles .. | 100,000 | |
Accumulated depreciation Vehicles | 45,000 | |
Accounts payable | 11,500 | |
Common stock .. | 20,000 | |
Retained earnings .. | 51,900 | |
Dividends ... | 40,000 | |
Fees earned .. | 155,000 | |
Rent expense ... | 13,000 | |
Office supplies expense ... | 2,000 | |
Utilities expense .. | 2,500 | |
Depreciation Expense Vehicles.. | 15,000 | |
Salary expense . | 50,000 | |
Fuel expense Totals | 12,000 $283,400 | ________ $283,400 |
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