The Records of Roadmaster Auto Rentals Show the Following Information

Essay

The records of Roadmaster Auto Rentals show the following information as of December 31. The owner, Rob Fletcher withdrew $52,000 during the year for personal expenses. Prepare a December income statement, a December statement of owner's equity, and a December 30 balance sheet.
$\begin{array}{|l|c|l|c|}\hline\text { Accounts payable } & \$ 36,000 & \text { Wages expense } & \$ 75,000 \\\hline \text { Insurance expense } & 2,000 & \text { Advertising expense } & 22,000 \\\hline \text { Accounts receivable } & 24,000 & \text { Cash } & 11,000 \\\hline \text { R. Fletcher, Capital, } & & & \\\hline \text { January 1 } & 150,000 & \text { Office Furniture } & 15,000 \\\hline \text { Airplanes } & 150,000 & \text { Maintenance expense } & 39,000 \\\hline \text { Notes payable } & 47,000 & \text { Revenues } & 217,000 \\\hline \text { Hangar } & 60,000 & & \\\hline\end{array}$