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

Essay

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