Using the information given below, prepare an income statement and an owner's equity statement for the...

 

 

Transcribed Image Text:

Using the information given below, prepare an income statement and an owner's equity statement for the year 2019 for Rapid Car Services from the adjusted trial balance. Owner Stella Grafton did not make any additional investments in the company during the year. (30 points) Rapid Car Services Adjusted Trial Balance December 31, 2019 $33,000 3 Cash 4 Accounts receivable S office supplies 14,200 1,700 6 Vehicles 100,000 Accumulated depreciation- 17 Vehicles 18 Accounts payable 19 Stella Grafton, Capital 20 Stella Grafton, Withdrawals 21 Fees earmed -22 Rent expense 23 Office supplies expense 24 Utifities ekpense $45,000 11,500 71,900 40,000 155,000 25 Depreciation Expense- Vehicke 26 Salary expense 27 Fuel expense 28 Totals 13,000 2,000 2,500 15,000 50,000 12,000 $283,400 $281,400 29 30 31 Matching Question 19 Matching Question 20 Problem 21 Problem 22 Problen 23 Select destatitn and press ETER or hoce Past File Home Insert Draw Page Layout Formulas Data Review View Help A1 To move to another tab, simply click on it. 422 The adjusted trial balance of Carson's Internet Services follows (30 Points) CARSON'S INTERNET SERVICES Adjusted Trial Balance December 31 9Cash 10 Supplies 11 Prepaid insurance 12 Computer equipment Accumulated 13 depreciation-Computer equipment 14 Accounts payable 15 B Carson, Capital 16 B Carson, Withdrawals 17 Services revenue 1a Salaries expense 19 Depreciation expense 20 Rent expense 21 Supplies expense 22 Utilities expense 23 insurance expense 24 Totals $1,170 1,930 600 20,600 $5,400 325 13,925 4,800 21,720 6,920 2,000 1,200 800 950 400 541,370 $41370 25 26 ta) Prepare the four closing entries necessary 27 (NOTEI Part B appears below the general journal tablel!) 28 GENERAL JOURNAL 29 Date Account Titles and Explanation P. R. Debit Credit 30 31 33 34 36 Matching - Question 19 Matching Question 20 Problem 22 Problem 23 Problem 21 Salact destination and press ENTER or cheose Paste P Type here to search Using the information given below, prepare an income statement and an owner's equity statement for the year 2019 for Rapid Car Services from the adjusted trial balance. Owner Stella Grafton did not make any additional investments in the company during the year. (30 points) Rapid Car Services Adjusted Trial Balance December 31, 2019 $33,000 3 Cash 4 Accounts receivable S office supplies 14,200 1,700 6 Vehicles 100,000 Accumulated depreciation- 17 Vehicles 18 Accounts payable 19 Stella Grafton, Capital 20 Stella Grafton, Withdrawals 21 Fees earmed -22 Rent expense 23 Office supplies expense 24 Utifities ekpense $45,000 11,500 71,900 40,000 155,000 25 Depreciation Expense- Vehicke 26 Salary expense 27 Fuel expense 28 Totals 13,000 2,000 2,500 15,000 50,000 12,000 $283,400 $281,400 29 30 31 Matching Question 19 Matching Question 20 Problem 21 Problem 22 Problen 23 Select destatitn and press ETER or hoce Past File Home Insert Draw Page Layout Formulas Data Review View Help A1 To move to another tab, simply click on it. 422 The adjusted trial balance of Carson's Internet Services follows (30 Points) CARSON'S INTERNET SERVICES Adjusted Trial Balance December 31 9Cash 10 Supplies 11 Prepaid insurance 12 Computer equipment Accumulated 13 depreciation-Computer equipment 14 Accounts payable 15 B Carson, Capital 16 B Carson, Withdrawals 17 Services revenue 1a Salaries expense 19 Depreciation expense 20 Rent expense 21 Supplies expense 22 Utilities expense 23 insurance expense 24 Totals $1,170 1,930 600 20,600 $5,400 325 13,925 4,800 21,720 6,920 2,000 1,200 800 950 400 541,370 $41370 25 26 ta) Prepare the four closing entries necessary 27 (NOTEI Part B appears below the general journal tablel!) 28 GENERAL JOURNAL 29 Date Account Titles and Explanation P. R. Debit Credit 30 31 33 34 36 Matching - Question 19 Matching Question 20 Problem 22 Problem 23 Problem 21 Salact destination and press ENTER or cheose Paste P Type here to search

Answer rating: 100% (QA)

Q1 Income Statement Revenue Fees earned 155000 Expe... View the full answer