Question: Using the information below on the Adjusted Trial Balance, prepare the provided financial statements for Bentley Luxury Car Services. Owner Rose Royce did not make
Using the information below on the Adjusted Trial Balance, prepare the provided financial statements for Bentley Luxury Car Services. Owner Rose Royce did not make any additional investments in the company during the year.
Bentley Luxury Car Services | ||
Cash | $755,000 | |
Accounts receivable | 64,500 | |
Office supplies | 5,700 | |
Vehicles | 285,000 | |
Accumulated depreciation—Vehicles | $180,000 | |
Accounts payable | 50,700 | |
Salaries payable | 112,000 | |
Rose Royce, Beginning Capital | 505,000 | |
Rose Royce, Withdrawals | 60,000 | |
Rental Fees Earned | 450,000 | |
Executive Concierge Services | 225,000 | |
Rent expense | 80,000 | |
Office Supplies expense | 5,000 | |
Utilities expense | 7,500 | |
Depreciation Expense—Vehicles | 45,000 | |
Salary expense | 133,000 | |
Fuel expense | 82,000 | |
Totals | $1,522,700 | $1,522,700 |
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