Based on the following trial balance for Barry's Automotive Shop, prepare an income statement, statement of retained earnings, and a balance sheet. There were no additional stock issuances during the year.
Barry's Automotive Shop
Trial Balance
December 31
$\begin{array}{lr}
\text { Cash } & \$ 12,500 \
\text { Accounts receivable } &1,500 \
\text { Supplies } & 500 \
\text { Repair shop equipment } & 27,000 \
\text { Service truck } & 33,000\\text { Accounts payable } && \$ 2,600 \
\text { Common Stock } && 30,000 \
\text { Retained Earnings } && 8,525 \
\text { Dividends } & 36,000\\text { Service revenue } & & 125,00 \
\text { Supplies expense } & 3,425 & \
\text { Rent expense } & 18,000&\\text { Utilities expense } & 5,000 \
\text { Gas expense } & 7,200 \
\text { Wages expense } & 22,000 \
\text { Totals } & \$ 166,125&\$166,125
\end{array}$

Question

Based on the following trial balance for Barry's Automotive Shop, prepare an income statement, statement of retained earnings, and a balance sheet. There were no additional stock issuances during the year.
 Barry's Automotive Shop
Trial Balance
December 31
$\begin{array}{lr}
\text { Cash } & \$ 12,500 \
\text { Accounts receivable } &1,500 \
\text { Supplies } & 500 \
\text { Repair shop equipment } & 27,000 \
\text { Service truck } & 33,000\\text { Accounts payable } && \$ 2,600 \
\text { Common Stock } && 30,000 \
\text { Retained Earnings } && 8,525 \
\text { Dividends } & 36,000\\text { Service revenue } & & 125,00 \
\text { Supplies expense } & 3,425 & \
\text { Rent expense } & 18,000&\\text { Utilities expense } & 5,000 \
\text { Gas expense } & 7,200 \
\text { Wages expense } & 22,000 \
\text { Totals } & \$ 166,125&\$166,125
\end{array}$

Quizplus · Accepted Answer

The Answer of Based on the following trial balance for Barry's Automotive Shop, prepare an income statement, statement of retained earnings, and a balance sheet. There were no additional stock issuances during the year.
 Barry's Automotive Shop
Trial Balance
December 31
$\begin{array}{lr}
\text { Cash } & \$ 12,500 \
\text { Accounts receivable } &1,500 \
\text { Supplies } & 500 \
\text { Repair shop equipment } & 27,000 \
\text { Service truck } & 33,000\\text { Accounts payable } && \$ 2,600 \
\text { Common Stock } && 30,000 \
\text { Retained Earnings } && 8,525 \
\text { Dividends } & 36,000\\text { Service revenue } & & 125,00 \
\text { Supplies expense } & 3,425 & \
\text { Rent expense } & 18,000&\\text { Utilities expense } & 5,000 \
\text { Gas expense } & 7,200 \
\text { Wages expense } & 22,000 \
\text { Totals } & \$ 166,125&\$166,125
\end{array}$

Based on the Following Trial Balance for Barry's Automotive Shop