Problem 3-4A (Algo) reparing financial statements from the adjusted trial balance LO P5 The adjusted trial balance for Chiara Company as of December 31 follows. Cash Accounts receivable Interest receivable Notes receivable (due in 90 days) Office supplies Automobiles Accumulated depreciation-Automobiles Equipment Accumulated depreciation-Equipment Land Accounts payable Interest payable Salaries payable Unearned revenue Long-term notes payable Common stock Retained earnings Dividends Services revenue Interest revenue Depreciation expense-Automobiles Depreciation expense-Equipment Salaries expense Wages expense Interest expense Office supplies expense Advertising expense Repairs expense-Automobiles Totals Debit $ 190,000 55,500 20,000 171,500 16,500 173,000 138,000 77,000 54,000 26,500 19,000 191,000 43,000 33,400 34,400 60,000 25,000 $ 1,327,800 Credit $ 80,000 18,000 103,000 30,000 19,000 34,000 140,000 30,580 275, 220 574,000 24,000 $ 1,327,800 Required: Use the information in the adjusted trial balance to prepare (a) the income statement for the year ended December 31; (b) the statement of retained earnings for the year ended December 31 [Note: Retained Earnings at December 31 of the prior year was $275,220]; and (c) the balance sheet as of December 31.

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Chapter1: Financial Statements And Business Decisions
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12
S
Problem 3-4A (Algo) Preparing financial statements from the adjusted
trial balance LO P5
The adjusted trial balance for Chiara Company as of December 31 follows.
Cash
Accounts receivable
Interest receivable
Notes receivable (due in 90 days)
office supplies
Automobiles
Accumulated depreciation-Automobiles
Equipment
Accumulated depreciation-Equipment
Land
Accounts payable
Interest payable
Salaries payable
Unearned revenue
Long-term notes payable
Common stock
Retained earnings
Dividends
Services revenue
Interest revenue
Depreciation expense-Automobiles
Depreciation expense-Equipment
Salaries expense
Wages expense
Interest expense
office supplies expense
Advertising expense
Repairs expense-Automobiles
Totals
Debit
$ 190,000
55,500
20,000
171,500
16,500
173,000
138,000
77,000
54,000
26,500
19,000
191,000
43,000
33,400
34,400
60,000
25,000
$ 1,327,800
Credit
$ 80,000
18,000
Complete this question by entering your answers in the tabs below.
103,000
30,000
19,000
34,000
140,000
30,580
275, 220
574,000
24,000
$ 1,327,800
Required:
Use the information in the adjusted trial balance to prepare (a) the income statement for the
year ended December 31; (b) the statement of retained earnings for the year ended December
31 [Note: Retained Earnings at December 31 of the prior year was $275,220]; and (c) the
balance sheet as of December 31.
Transcribed Image Text:12 S Problem 3-4A (Algo) Preparing financial statements from the adjusted trial balance LO P5 The adjusted trial balance for Chiara Company as of December 31 follows. Cash Accounts receivable Interest receivable Notes receivable (due in 90 days) office supplies Automobiles Accumulated depreciation-Automobiles Equipment Accumulated depreciation-Equipment Land Accounts payable Interest payable Salaries payable Unearned revenue Long-term notes payable Common stock Retained earnings Dividends Services revenue Interest revenue Depreciation expense-Automobiles Depreciation expense-Equipment Salaries expense Wages expense Interest expense office supplies expense Advertising expense Repairs expense-Automobiles Totals Debit $ 190,000 55,500 20,000 171,500 16,500 173,000 138,000 77,000 54,000 26,500 19,000 191,000 43,000 33,400 34,400 60,000 25,000 $ 1,327,800 Credit $ 80,000 18,000 Complete this question by entering your answers in the tabs below. 103,000 30,000 19,000 34,000 140,000 30,580 275, 220 574,000 24,000 $ 1,327,800 Required: Use the information in the adjusted trial balance to prepare (a) the income statement for the year ended December 31; (b) the statement of retained earnings for the year ended December 31 [Note: Retained Earnings at December 31 of the prior year was $275,220]; and (c) the balance sheet as of December 31.
Required A
Required B Required C
Prepare the income statement for the year ended December 31.
CHIARA COMPANY
Income Statement
For Year Ended December 31
0
0
Transcribed Image Text:Required A Required B Required C Prepare the income statement for the year ended December 31. CHIARA COMPANY Income Statement For Year Ended December 31 0 0
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