accounting

please just complete the blank charts. income statement and balance sheet 

ACC160 – Principles of Financial Accounting I
Instructor: Amani U. Davis-Martinez

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Chapter 4: Completing the Accounting Cycle

Unit 3 In-Class Activity Financial Statements Practice

Using the information below on the Adjusted Trial Balance, prepare the provided financial statements for Bentley Luxury Car Services. Owner Rose Royce did not make any additional investments in the company during the year.

 

 

 

 

 

 

 

 

 

 

 

 

 

$1,522,700

Bentley Luxury Car Services
Adjusted Trial Balance
For the year ended December 31

Cash

$75

5,000

 

Accounts receivable

64,500

Office supplies

3,700

Vehicles

290,000

Accumulated depreciation—Vehicles

$1

80,000

Accounts payable

62,700

Notes payable

100,000

Rose Royce, Capital

505,000

Rose Royce, Withdrawals

60,000

Concierge Services

450,000

Rental Fees Earned

225,000

Rent expense

80,000

Office Supplies

expense

5,000

Utilities expense

7,500

Depreciation Expense—Vehicles

45,000

Salary expense

150,000

Fuel expense

    62,000

Totals

$1,522,700

Rental Fees Earned

Utilities expense

Salary expense

Fuel expense

Bentley Luxury Car Services
Income Statement
For the year ended December 31

Revenue:

Concierge Services

$450,000

$225,000

Total Revenues

$675,000

Expenses:

Rent Expenses

$80,000

Office supplies expense

$5,000

$7,500

Depreciation expense – Vehicles

$45,000

$150,000

$62,000

Total expenses

($349,500)

Net income

$325,500

Bentley Luxury Car Services
Statement of Owner’s Equity
For the year ended December 31

R. Royce, Capital

January 1

$505,000

Plus: Net income

325,500

$830,500

Less: Withdrawals by owner

(60,000)

R. Royce, Capital, December 31

$770,500

Cash

$755,000

Vehicles

$933,200

Bentley Luxury Car Services
Balance Sheet
December 31, 2021

ASSETS

Accounts Receivable

$64,500

Office Supplies

$3,700

$290,000

Less: Accumulated Depreciation – Vehicles

(180,000)

110,000

Total Assets

$933,200

LIABILITIES

Accounts Payable

$62,700

Notes Payable

100,000

Total Liabilities

$162,700

EQUITY

R. Royce, Capital

770,500

Total Liabilities and Equity

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