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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Compute the following ratios for the most recent two years, show all values in the computations: 1.Current ratio 2.Accounts receivable turnover 3.Debt ratio(TotalLiabilities/Total Assets, as a percentage) 4.Debt-to-equity ratio Based on the results above, what conclusions can you make about the liquidity and solvency of the company?
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Pribyl Corporation has provided the following financial data: Total assets Total stockholders' equity Income Statement For the Year Ended December 31, Year 2 $ Sales (all on account) Cost of goods sold Gross margin Operating expenses Net operating income Interest expense Net income before taxes Income taxes (36%) Net income a. Net profit margin percentage b. Gross margin percentage c. Return on total assets d. Return on equity % 1,285,000 727,000 558,000 510,846 Required: a. What is the company's net profit margin percentage for Year 2? b. What is the company's gross margin percentage for Year 2? c. What is the company's return on total assets for Year 2? d. What is the company's return on equity for Year 2? Note: Round your answers to 2 decimal places. % % 47,154 17,500 29,654 10.675 $ 18,979 $ 1.496.000 $ 1,033,000 $ 1,470,000 $ 1,020,000
Information from the Balance Sheet and Statement of Income are given below for Bramble Inc., a private company reporting under ASPE, for the year ended December 31. Comparative Balance Sheet Cash Accounts receivable Inventory Investments in land Property, plant, and equipment Accumulated depreciation Accounts payable Accrued expenses payable Bonds payable Common shares Retained earnings Retained earnings Revenues Sales Expenses 2021 $78,110 Profit 90,940 123,440 86.540 286,640 (50,060) $615,610 Gain on disposal of equipment Additional Informati $54,140 13,140 140,000 250,000 158,330 Cost of goods sold Depreciation expense Operating expenses Income tax expense Interest expense 2020 $47,350 37,350 103,750 108,350 202,200 (40,200) $458,800 $49,850 19,250 76,000 207,000 106,700 158,330 $615,610 $ 96,250 57,300 15,470 38,000 2,950 106,700 $458,800 $292,500 8,350 300,850 209,970 $ 90,880
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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.
The comparative financial statements prepared at December 31, Year 2, for Goldfish Company showed the following summarized data: Statement of Earnings Sales revenue Cost of sales Gross profit Operating expenses and interest expense Earnings before income taxes Income tax expense Net earnings Statement of Financial Position Cash Accounts receivable (net) Inventory Property, plant, and equipment (net) Current liabilities (no interest) Long-term debt (interest rate: 10%) Common shares (6,000 shares) Retained earningst Year 2 Year 1 $367,950 $310,000 312,178 262,000 55,780 48,000 37,410 33,400 18,370 6,310 14,600 4,800 $ 12,060 $ 9,800 $ 4,270 $ 8,400 16,830 48,350 29,810 $ 99,260 $ 11,820 40,480 24,000 22,960 20,000 42,000 25,000 $ 95,400 $14,200 39,200 24,000 18,000 Required: 1 Complete the following columns for each item in the comparative financial statements (Negative answers should be indicated by a minus sign. Round percentage answers to 2 decimal places, Le., 0.1243 should be…
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.
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! Required information [The following information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity Interest expense Income tax expense Total costs and expenses Net income Earnings per share For both the current year and one year ago, compute the following ratios: The company's income statements for the current year and one year ago, follow. For Year Ended December 31 Sales Cost of goods sold Other operating expenses Current Year: 1 Year Ago: Current Year 1 Year Ago $ 27,988 81,119 106,155 9,197 259,602 $ 484,061 Current Year: 1 Year Ago: $ 383,860 195,076 Numerator: $ 118, 121 88,273 162,500 115,167 $ 484,061 Current Year Total liabilities 10,698 8,181 Numerator: Total equity Required 1…

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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.