Required:1(a) Prepare the Income statement for the year ended December 31.1(b) Prepare the statement of owner's equity for the year ended December 31. [Note: R. Chlara, Capital at Dec. 31 of the prior year was$285,800.)1(c) Prepare Chlara Company's balance sheet as of December 31.Complete this question by entering your answers in the tabs below.Req 1AReq 18Req 10Prepare the income stater Reg 18 year ended December 31.CHIARA COMPANYIncome StatementFor Year Ended December 31Req 1AReq 1B > Required information[The following information applies to the questions displayed below.]The adjusted trial balance for Chlara Company as of December 31 follows.DebitCredit$ 139,30050,50022,000172,00017,000173,000CashAccounts receivableInterest receivableNotes receivable (due in 9e days)Office suppliesAutomobilesAccumulated depreciation-AutomobilesEquipmentAccumulated depreciation-EquipmentLand$ 100,000138,00022,00083,808Accounts payableInterest payableSalaries payable105,0005e,00e25,00034,00e148,880Unearned feesLong-term notes payableR. Chiara, CapitalR. Chiara, Withdrawals285, Bee50,808Fees earned474,B0032,000Interest earnedDepreciation expense-AutomobilesDepreciation expense-EquipmentSalaries expenseWages expenseInterest expenseOffice supplies expenseAdvertising expenseRepairs expense-Automobiles25,50019,000198,00040,00032,00033,80063,50027,200Totals$1,275,889$1,275,800Required:1(a) Prepare the Income statement for the year ended December 31.1(b) Prepare the statement of owner's equity for the year ended December 31. [Note: R. Chlara, Capital at Dec. 31 of the prior year was$285,800)1(c) Prepare Chlara Company's balance sheet as of December 31.Complete this question by entering your answers in the tabs below.Req 1AReq 18Req 10Prepare the income statement for the year ended December 31.CHIARA COMPANY

Preparing financial statements from adjusted trial balance: Income statement: All revenue and…

Answered: 1(a) Prepare the Income statement for…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following information was taken from Station Company's balance sheet: Line Item Description Amount Fixed assets (net) $940,800 Long-term liabilities 192,000 Total liabilities 1,209,600 Total stockholders' equity 672,000 Determine the company's (a) ratio of fixed assets to long-term liabilities and (b) ratio of liabilities to stockholders' equity. If required, round your answers to one decimal place. Line Item Description Ratio a. Ratio of fixed assets to long-term liabilities fill in the blank 1 b. Ratio of liabilities to stockholders' equity
Prepare a statement of retained earnings for Tidal Company for the current year ended December 31 using the following data. (Amounts to be deducted should be indicated by a minus sign.) Cash dividends declared and paid in current year Retained earnings at December 31, prior year Net income in current year Tidal Company Statement of Retained Earnings For Current Year Ended December 31 $ 8,800 61,600 34,600
The December 31, Year 4, balance sheet for Finch Corporation is presented here. These are the only accounts on Finch's balance sheet. Amounts indicated by question marks (?) can be calculated using the following additional information: Assets Cash FINCH CORPORATION Balance Sheet As of December 31, Year 4 Accounts receivable (net) Inventory Property, plant, and equipment (net) Liabilities and Stockholders' Equity Accounts payable (trade) Income taxes payable (current) Long-term debt Common stock Retained earnings Additional Information Current ratio (at year end) Total liabilities + Total stockholders' equity Gross margin percentage $35,000 a. Accounts payable b. Retained earnings Inventory C. 292,000 $442,000 $ ? P $ P 35,000 298,000 Inventory turnover (Cost of goods sold + Ending inventory) Gross margin for Year 4 12 1.6 to 1.0 70% 40% 9.6 times Required a. Compute the balance in trade accounts payable as of December 31, Year 4. b. Compute the balance in retained earnings as of…
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The year-end financial statements of Calloway Company contained the following elements and corresponding amounts: Assets = $34,000; Liabilities = ?; Common Stock = $6,400; Revenue = $13,800; Dividends = $1,450; Beginning Retained Earnings = $4,450; Ending Retained Earnings = $8,400.The amount of liabilities reported on the end-of-period balance sheet was:
The year-end financial statements of Greenway Company contained the following elements and corresponding amounts: Assets = $23,000; Liabilities = ?; Common Stock = $5,300; Revenue = $11,600; Dividends = $900; Beginning Retained Earnings = $3,900; Ending Retained Earnings = $7,300. The amount of liabilities reported on the end-of-period balance sheet was A. $11,200. B. $10,400. C. $13,800. D. $9,200.
Gerardo Company had a net income of $75,000 and other comprehensive income of $12,500 for the year. On January 1, the retained earnings balance was $525,000 and the accumulated other comprehensive income balance was $55,000. a. Determine the comprehensive income for the year. B. Determine the retained earnings balance on December 31. C. Determine the accumulated other comprehensive income on December 31.
Selected financial data for Wilmington Corporation is presented below. WILMINGTON CORPORATION Balance Sheet As of December 31 Year 7 Year 6 Current Assets Cash and cash equivalents $ 634,527 $ 335,597 Marketable securities 166,106 187,064 Accounts receivable (net) 284,226 318,010 Inventories 466,942 430,249 Prepaid expenses 60,906 28,060 Other current assets 83,053 85,029 Total Current Assets 1,695,760 1,384,009 Property, plant and equipment 1,384,217 625,421 Long-term investment 568,003 425,000 Total Assets $3,647,980 $2,434,430 Current Liabilities Short-term borrowings $ 306,376 $ 170,419 Current portion of long-term debt 155,000 168,000 Accounts payable 279,522 314,883 Accrued liabilities 301,024 183,681 Income taxes payable 107,509 196,802 Total Current Liabilities 1,149,431…

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1(a) Prepare the Income statement for the year ended December 31. 1(b) Prepare the statement of owner's equity for the year ended December 31. [Note: R. Chlara, Capital at Dec. 31 of the prior year was $285,800] 1(c) Prepare Chlara Company's balance sheet as of December 31.