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
Given are the amounts of assets, liabilities, ownerâ€™s equity, revenues, andexpenses of AQUA Inc. at 12/31/10. The beginning amount of Retained Earnings at1/1/10 was $20,000, and during the year Dividends of $60,000 were taken out bythe owners of Aqua Inc. Prepare the yearend Balance Sheet and Income Statementfor AQUA LLP at the end of the year. (Include Correct Headings)Accounts Payable $59,000 Land $78,000Accounts Receivable 15,000 UnearnedRevenue 45,000Advertising Expense13,000 UtilitiesExpense5,000Building 160,000 Rent Expense 13,000Cash 140,000 OperatingExpenses 23,000Supplies 10,000 CommonStock 240,000 Salary payable2,000 AccumulatedDepreciation 10,000Prepaid Insurance Expense 20,000 ServiceRevenue 170,000Interest Expense9,000 Retained Earnings ?
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
From the following data relating to assets of Balance sheet of Max Ltd for the period ended 31st March, 20 to 31st March, 22. Calculate Trend percentage & interpret on it. Particulars 31st Mar,20 31st Mar,21 31st Mar,22 Debtors 20 30 20 Cash 30 20 15 Stock 60 80 70 Investment 80 80 90 Machine 100 200 100 Building 150 250 250 Furniture 200 300 500
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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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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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 For both the current year and one year ago, compute the following ratios: (1-a) Compute the current ratio for each of the three years. (1-b) Did the current ratio improve or worsen over the three-year period? (2-a) Compute the acid-test ratio for each of the three years. (2-b) Did the acid-test ratio improve or worsen over the three-year period? Required 1A Required 1B Required 2A Required 2B Current Year: 1 Year Ago: 2 Years Ago: Complete this question by entering your answers in the tabs below. Compute the current ratio for each of the three years. Numerator: Current assets Current Year: 1 Year Ago: 2 Years Ago: I Current Year $ 27,733 83,694 104,187 9,115 259,862 $ 484,591 1 1 1…
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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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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.