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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