Using the Information Given Below,prepare a Balance Sheet for Rapid

question 134

Essay

Using the information given below,prepare a balance sheet for Rapid Car Services from the adjusted trial balance. $\begin{array}{c} \text {Rapid Car Services}\\ \text {Adjusted Trial Balance}\\ \text {For the year ended December 31}\\\begin{array}{lll} \text { Cash } & \$ 33,000 \\ \text { Accounts receivable } & 14,200 \\\text { Office supplies . } & 1,700 \\\text { Vehicles}&100,000\\\text { Accumulated depreciation - Vehicles}&&45,000\\\text { Accounts payable}&&11,500\\\text { Common stock}&&20,000\\\text { Retained earnings}&&51,900\\\text { Dividends}&40,000\\\text { Fees earned }&&155,000\\ \text { Rent expense} & 13,000 \\ \text { Office supplies expense } & 2,000 \\ \text { Utilities expense } & 2,500 \\ \text { Depreciation Expense - Vehicles } & 15,000 \\ \text { Salary expense} & 50,000 & \\ \text { Fuel expense } & 12.000 & \\ \text { Totals } & \underline{\underline{\$ 283,400}} & \underline{\underline{\$ 283,400}} \\\end{array}\end{array}$

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Definitions:

Hague Evidence Convention

The Hague Evidence Convention is an international treaty that provides procedures for the transmission of evidence across borders for use in legal proceedings.

Tariffs

Taxes or duties to be paid on a particular class of imports or exports, used by governments to regulate trade.

Nontariff Barrier

Trade restrictions that don't involve tariffs, such as quotas, embargoes, or regulations, affecting the import or export of goods.

Arbitration

A form of alternative dispute resolution where an impartial third party, the arbitrator, makes a decision in a conflict that is binding on the parties involved.