Question

The records of Roadmaster Auto Rentals show the following information as of December 31. The sole stockholder, Rob Fletcher received dividends of $52,000 during the year. Prepare a December income statement, a December statement of retained earnings, and a December 31 balance sheet. Accounts payable Insurance expense Accounts receivable Common stock Airplanes Notes payable Hangar $36,000 Wages expense 2,000 Advertising expense 24,000 Cash 60,000 Office Furniture 150,000 Maintenance expense 47,000 Revenues 60,000 Retained earnings, January 1 $75,000 22,000 11,000 15,000 39,000 217,000 90,000