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

question 44

Essay

Using the information given below, prepare a balance sheet for Rapid Car Services from the adjusted trial balance. Owner Stella Grafton did not make any additional investments in the company during the year.
Rapid Car Services Adjusted Trial Balance
For the year ended December 31
$\begin{array}{l}\text { Cash } & \$ 33,000 \\\text { Accounts receivable } & 14,200 \\\text { Office supplies } & 1,700 \\\text { Vehides } & 100,000\\\text { Accumulated depreciation - Vehicles }&&45,000\\\text { Accounts payable}&&11,500\\\text { Stella Grafton, Capital}&&71,000\\\text { Stella Grafton, Withdrawals } & 40,000 \\\text { Fees earned } &&155,000 \\\text { Rent expense } & 13,000\\\text { Office supplies expense } & 2,000 \\\text { Utilities expense } & 2,500 \\\text { Depreciation Expense - Vehicles } & 15,000 \\\text { Salary expense } & 50,000 \\\text { Fuel expense } & 12,000\end{array}$
$\text {Totals}\quad\quad\quad\quad\quad\quad\$ 283,400 \quad \$ 283,400$

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Definitions:

Spatial Arrangements

The way in which physical space is used and organized to facilitate various activities and processes in an environment, affecting how people interact within it.

Group Norms

Shared expectations and rules that guide the behavior of members within a group or team.

Product Development Teams

Groups of individuals with varied expertise who are tasked with collaborating to develop new products or services for a company.

Team Size

The number of members that constitute a specific team, which can influence the team's dynamics, communication, and effectiveness.