The adjusted trial balance for Chiara Company as of December 31 follows.CashAccounts receivableInterest receivableNotes receivable (due in 90 days)office suppliesAutomobilesAccumulated depreciation-AutomobilesEquipmentAccumulated depreciation-EquipmentLandAccounts payableInterest payableSalaries payableUnearned revenueLong-term notes payableCommon stockRetained earningsDividendsServices revenueInterest revenueDepreciation expense-AutomobilesDepreciation expense-EquipmentSalaries expenseWages expenseInterest expenseoffice supplies expenseAdvertising expenseRepairs expense-AutomobilesTotalsRequired ADebitRequired B$ 30,00052,00018,000168,00016,000168,000138,00078,000Required C46,00026,00018,000188,00040,00032,00034,00058,00024,800$ 1,134,800Complete this question by entering your answers in the tabs below.CreditPrepare the income statement for the year ended December 31.$ 50,00018,000Required:Use the information in the adjusted trial balance to prepare (a) the income statement for the year ended December 31; (b) thestatement of retained earnings for the year ended December 31 [Note: Retained Earnings at December 31 of the prior year was$235,800]; and (c) the balance sheet as of December 31.96,00020,00019,00030,000138,00020,000235,800484,00024,000$ 1,134,800

Financial statements are those which are prepared by the entity at the end of the period to show the…

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 $ 30,000 52,000 18,000 168,000 16,000 168,000 138,000 78,000 46,000 26,000 18,000 188,000 40,000 32,000 34,000 58,000 24,800 $ 1,134,800 Credit $ 50,000 18,000 96,000 20,000 19,000 30,000 138,000 20,000 235,800 484,000 24,000 $ 1,134,800 Required: Jse 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 $235,800]; and (c) the balance sheet as of December 31.

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 $ 30,000 52,000 18,000 168,000 16,000 168,000 138,000 78,000 46,000 26,000 18,000 188,000 40,000 32,000 34,000 58,000 24,800 $ 1,134,800 Credit $ 50,000 18,000 96,000 20,000 19,000 30,000 138,000 20,000 235,800 484,000 24,000 $ 1,134,800 Required: Jse 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 $235,800]; and (c) the balance sheet as of December 31.

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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