118 Using the information given below, prepare an Income Statement, Statement of retainedearnings, and Balance Sheet for Rapid Car Services from the adjusted trial balance.CashAccounts receivableOffice suppliesVehiclesAccumulated depreciationAccounts payableCommon stockRetained earningsDividendsServices revenueRent expenseOffice supplies expenseUtilities expenseRapid Car ServicesAdjusted Trial BalanceDecember 31Salaries expenseDepreciation expense VehiclesFuel expenseTotalsVehiclesDebit$ 33,00014,2001,700100,00040,00013,0002,0002,50015,00050,00012,000$ 283,400Credit45,00011,50020,00051,900155,000$ 283,400 Revenues:Expenses:Total ExpensesAssets:Total Assets# 118Income StatementStatement of Retained EarningsBalance SheetLiabilites:Equity:Total EquityTotal Liabilities & EquityAreas shaded in Gray need input

The financial statements are prepared by the business entity to show the performance of the…

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

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

Section: Chapter Questions

Problem 1Q

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