Question
Using the information given below, prepare an income statement, a statement of retained earnings, and a Balance Sheet for Rapid Car Services from the adjusted
Using the information given below, prepare an income statement, a statement of retained earnings, and a Balance Sheet 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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