118 Using the information given below, prepare an Income Statement, Statement of retained earnings, and Balance Sheet for Rapid Car Services from the adjusted trial balance. Cash Accounts receivable Office supplies Vehicles Accumulated depreciation - Vehicles Accounts payable Common stock Retained earnings Dividends Services revenue Rent expense Office supplies expense Utilities expense Depreciation expense Salaries expense Fuel expense Rapid Car Services Adjusted Trial Balance December 31 Totals - Vehicles Debit $ 33,000 14, 200 1,700 100,000 40,000 13,000 2,000 2,500 15,000 50,000 12,000 $ 283,400 Credit 45,000 11,500 20,000 51,900 155,000 $ 283,400

Use the following information for the Problems below. Skip to question   [The following information applies to the questions displayed below.]Lansing Company’s current-year income statement and selected balance sheet data at December 31 of the current and prior years follow.  LANSING COMPANYIncome StatementFor Current Year Ended December 31 Sales revenue $ 127,200   Expenses       Cost of goods sold   52,000   Depreciation expense   17,000   Salaries expense   28,000   Rent expense   10,000   Insurance expense   4,800   Interest expense   4,600   Utilities expense   3,800   Net income $ 7,000        LANSING COMPANYSelected Balance Sheet Accounts At December 31 Current Year   Prior Year Accounts receivable   $ 6,600       $ 7,800   Inventory     2,980         2,040   Accounts payable     5,400         6,600   Salaries payable     1,080         800   Utilities payable     420         260   Prepaid insurance     360         480   Prepaid rent…

The trial balance of Kingbird Wholesale Company contained the following accounts shown at December 31, the end of the company's fiscal year. Cash Accounts Receivable Inventory Land Kingbird Wholesale Company Trial Balance December 31, 2025 Buildings Accumulated Depreciation-Buildings Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Dividends Sales Revenue Sales Discounts Cost of Goods Sold Salaries and Wages Expense Utilities Expense Maintenance and Repairs Expense Advertising Expense Debit $ 33,200 39,300 71,700 90,700 198,700 82,200 8,700 4,700 708,600 50,000 10,100 7,600 3,900 Credit $ 58,700 39,200 53,400 16,200 158,700 65,900 920,800

The following is a partial trial balance for General Lighting Corporation as of December 31, 2021: Account Title Sales revenue Interest revenue Loss on sale of investments Cost of goods sold Loss on inventory write-down (obsolescence) Selling expense General and administrative expense Interest expense Debits 29,500 1,330,000 340,000 440,000 220,000 93,000 Complete this question by entering your answers in the tabs below. Credits 3,050,000 94,000 There were 300,000 shares of common stock outstanding throughout 2021. Income tax expense has not yet been recorded. The income tax rate is 25%. Required: 1. Prepare a single-step income statement for 2021, including EPS disclosures. 2. Prepare a multiple-step income statement for 2021, including EPS disclosures.

On December 31, Hughes Company has the following list of account balances. Additional Resources       Accounts Payable $42,600       Equipment $30,500     Accounts Receivable 49,100       Service Revenue 41,800     Accumulated Depreciation, Equipment 19,600       Legal Expense 7,800     Accumulated Depreciation, Buildings 62,100       Note Payable, due in two years. 20,000     Advertising Expense 5,000       Prepaid Rent 20,500     Beginning Retained Earnings 97,000       Rent Expense 8,500     Buildings 119,000       Salaries Expense 3,400     Capital Stock 53,900       Salaries Payable 10,700     Cash 65,600       Supplies 24,500     Dividends 12,200       Supplies Expense 1,600 Required: Compute the dollar amount of the…

The following data relates to the assets due within one year for Simons Co. Cash $56,000 Accounts receivable 325,000 Allowance for doubtful accounts 25,000 Interest receivable 3,000 Supplies 4,000 Inventory 45,000 Other current assets 10,000 Based on the data above, prepare a partial balance sheet in good form at December 31. Show total current assets. Simons Co. Balance Sheet December 31 Assets Current assets: Total current assets

The following items are taken from the financial statements of the Freight Service for the year ending December 31, 2021: Accounts payable Accounts receivable Accumulated depreciation-equipment Advertising expense Cash Owner's capital (1/1/16) Owner's drawings Depreciation expense Insurance expense Note payable, due 6/30/17 Prepaid insurance (12-month policy) Rent expense Salaries & wages expense Service revenue Supplies Supplies expense Equipment O $44,000 O $14,000 $33.000 $19,000 13,000 26,000 21,200 15,000 104,000 11,000 12,000 3,800 72,000 $135,000 7,200 16,000 32,000 135,000 What is the company's net income for the year ending December 31, 2016? 5,000 6,000 210,000

The following accounts and account balances are available for Badger Auto Parts at December 31: Accounts Payable $9,000   Income Taxes Payable $3,600 Accounts Receivable 41,100   Interest Expense 6,650 Accumulated Depreciation (Furniture) 47,800   Interest Payable 1,800 Advertising Expense 29,200   Inventory 60,600 Cash 3,200   Notes Payable (Long-Term) 50,000 Common Stock 100,000   Prepaid Rent 15,250 Cost of Goods Sold 184,400   Retained Earnings, January 1 16,000 Depreciation Expense (Furniture) 10,400   Sales Revenue 264,100 Furniture 128,000   Utilities Expense 9,700 Income Taxes Expense 3,800         Required: Prepare a trial balance. Assume that all accounts have normal balances. If an amount box does not require an entry, leave it blank.

Use the adjusted trial balance and prepare a properly formatted Statement of Retained Earning   Adjusted trial balance     30- APR     Debit Credit Cash 68,000   accounts receivable 12,000   Prepaid insurance 850   Prepaid Advertising 13,250   Office Supplies 1,475   Merchandise inventory 27,850   Equipment 250,000   Accumulated Depreciation - Equipment   100,000 Music Copyrights 60,000   Accounts Payable   10,300 Salaries Payable   63,018 notes payable   7,500 long-term notes payable   92,500 common stock   25,000 retained earnings   173,862 dividends 30,000   sales   265,065 sales discount 25,702   Sales returns and allowances 4,370   cost of goods sold 124,209   insurance expense (on office) 3,000   Advertising expense 1,900   office salaries expense 23,000   Office supplies expense 13,319   Office rent 24,000   Depreciation expense - office building 5,000   royalties (an expense) 26,000   travel expenses (sales related)…

The following accounts and corresponding balances were drawn from Marinelli Company's Year 2 and Year 1 year-end balance sheets. Account Title Accounts receivable Interest receivable Other operating expenses payable Salaries payable The Year 2 income statement is shown next. Sales Salary expense Income Statement Other operating expenses Operating income Nonoperating items: Interest revenue Net income Required Year 2 $48,000 Year 1 $38,900 4,550 6,650 28,400 21,000 10,850 15,400 $755,000 (163,000) (266,000) 326,000 22,000 $348,000 a. Use the direct method to compute the amount of cash inflows from operating activities. b. Use the direct method to compute the amount of cash outflows from operating activities. a Cash inflows from operating activities b. Cash outflows from operating activities