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

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 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

Accepted Answer

The Answer is in the image, click to view ...

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

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

Step by Step Solution

Step: 1

Get Instant Access with AI-Powered Solutions

Step: 2

Step: 3

Ace Your Homework with AI

Recommended Textbook for

Managerial Accounting

Students also viewed these Accounting questions

Question

Question

Question

Question

Question

Question

Question

Question

Question