Using the information given below, prepare a balance sheet for Rapid Car Services from the adjusted trial balance. Rapid Car ServicesAdjusted Trial BalanceFor the year ended December 31Cash …………………………………………….$33,000?Accounts receivable …………………………….14,200?Office supplies ………………………………….1,700?Vehicles ………………………………………..100,000?Accumulated depreciation ? Vehicles …………?45,000Accounts payable ………………………………?11,500Common stock …………………………..?20,000Retained earnings …………………………..?51,900Dividends …………………...40,000?Fees earned ……………………………………..?155,000Rent
expense …………………………………...13,000?Office supplies expense ………………………...2,000?Utilities expense ………………………………..2,500?Depreciation Expense ? Vehicles……………..15,000?Salary expense ………………………………….50,000?Fuel expense …………………………………… 12,000$283,400________$283,400Totals ……………………………………………??
What will be an ideal response?
| ? | Rapid Car Services |
At December 31
Assets
| Cash…………………………………….. Accounts receivable……………………. | ? | $33,000 14,200 |
| Office supplies…………………………. | ? | 1,700 |
| Vehicles……………………………….. | $100,000 | ? |
| Accumulated depreciation ? Vehicles | (45,000) | 55,000 $103,900 |
| Total assets……………………………... | ? | ? |
| Liabilities | ? | ? |
| Accounts payable………………………. | ? | $11,500 |
| Equity | ? | ? |
| Common stock…………………………. | ? | $20,000 |
| Retained earnings…………………. | ? | 72,400 |
| Total liabilities and equity …………….. | ? | $103,900 |
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