Using the Information Given Below,prepare an Income Statement and Statement

question 130

Essay

Using the information given below,prepare an income statement and statement of retained earnings 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:

Fraction

A numerical representation indicating a part of a whole, typically expressed with a numerator and denominator.

Shrubs

Shrubs are woody plants smaller than a tree, often with multiple stems coming from the ground, used in landscaping and gardening.

Landscape Contractor

A professional who plans, designs, and maintains outdoor spaces, including gardens and green areas.

Miles

A unit of measure equal to 5,280 feet or approximately 1.609 kilometers, commonly used in the United States to measure distances.