Question

The following were taken from the accounting records of Crash-A-Day Limousine Service, Inc, as of January 31, 2017. In addition to earning revenue from providing limousine services, the company also earned revenue from renting spare office space. On the forms provided, prepare in Income Statement and a Retained Earnings Statement for the month of January, and a classified (current assets, current liabilities, other assets, long-term liabilities) Balance Sheet on January 31. The note payable is due in 2021. (45 points)

Accounts Payable                                                           $25,000

Accounts Receivable                                           24,000

Accumulated Depreciation – Vehicles                  260,000

Capital Stock                                                       40,000

Cash                                                                       8,000

Depreciation Expense                                         24,000

Dividends                                                                        50,000

Fees Earned                                                       180,000

Fuel Expense                                                         6,000

Notes Payable                                                      84,000

Rental revenue                                                       1,000

Retained Earnings, January 1                                2,000

Retained Earnings, January 31                                ???

Salary Expense                                                   44,000

Salaries Payable                                                     4,000

Vehicles                                                              440,000

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