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

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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
Accounts payable
Common stock
Retained earnings
Dividends
Services revenue
Rent expense
Office supplies expense
Utilities expense
Rapid Car Services
Adjusted Trial Balance
December 31
Salaries expense
Depreciation expense Vehicles
Fuel expense
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
Transcribed Image Text: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 Accounts payable Common stock Retained earnings Dividends Services revenue Rent expense Office supplies expense Utilities expense Rapid Car Services Adjusted Trial Balance December 31 Salaries expense Depreciation expense Vehicles Fuel expense 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
Revenues:
Expenses:
Total Expenses
Assets:
Total Assets
# 118
Income Statement
Statement of Retained Earnings
Balance Sheet
Liabilites:
Equity:
Total Equity
Total Liabilities & Equity
Areas shaded in Gray need input
Transcribed Image Text:Revenues: Expenses: Total Expenses Assets: Total Assets # 118 Income Statement Statement of Retained Earnings Balance Sheet Liabilites: Equity: Total Equity Total Liabilities & Equity Areas shaded in Gray need input
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