Based on the Following Trial Balance for Barry's Automotive Shop

question 68

Essay

Based on the following trial balance for Barry's Automotive Shop, Inc., prepare an income statement, statement of retained earnings, and a balance sheet. Barry made no additional investments in the company during the year.
Barry's Automotive Shop, Inc.
Trial Balance
December 31 $\begin{array}{llcc} \text {Cash................................. } &\$13,500\\ \text { Accounts receivable......... } &1,500\\ \text {Supplies............................. } &500\\ \text {Repair shop equipment...... } &27,000\\ \text { Service truck.................... } &33,000\\ \text {Accounts payable.............. } &&\$2,600\\ \text { Common stock.................. } &&1,000\\ \text {Retained earnings.............. } &&38,525\\ \text { Dividends.......................... } &36,000\\ \text { Service revenue................. } &&125,000\\ \text {Supplies expense................ } &3,425\\ \text {Rent expense..................... } &18,000\\ \text {Utilities expense................ } &5,000\\ \text {Gas expense...................... } &7,200\\ \text {Wages expense.................. } &\underline{22,000}&\underline{\quad\quad}\\ \text {Totals .............................. } &\underline{\$167,125}&\underline{167,125}\\\end{array}$

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Definitions:

Somatoform Disorder

A mental disorder characterized by physical symptoms that cannot be fully explained by any underlying medical condition.

Conversion Disorder

A mental condition where psychological stress is expressed through physical symptoms that have no organic cause.

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A group of mental disorders characterized by a disconnection and lack of continuity between thoughts, memories, surroundings, actions, and identity.

Mental Processes

Internal cognitive operations that enable individuals to perceive, remember, think, and solve problems.