The adjusted trial balance for Chiara Company as of December 31 follows.CashAccounts receivableInterest receivableNotes receivable (due in 90 days)Office suppliesAutomobilesAccumulated depreciation-AutomobilesCOMEEquipmentequipAccumulated depreciation-EquipmentAULIPLandAccounts payableDecouInterest payableCHERASalaries payableTUTORUnearned revenueLong-term notes payablecommoCommon stockRetained earningsDividendsServices revenueInterest revenueDepreciation expense-AutomobilesDepreciation expense-EquipmentSalaries expenseWages expenseInterest expenseOffice supplies expenseAdvertising expenseRepairs expense-AutomobilesTotalsDebit$ 118,10054,00022,800169,00015,500170,000140,00077,00052,00027,00019,000183,00041,00034,00035,20061,00029,200$1,247,800Credit$ 100,00021,00095,00035,00015,00036,000148,00029,580266,220474,00028,000$ 1,247,800Required: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$266,220]; and (c) the balance sheet as of December 31. #Prepare the income statement for the year ended December 31.f33FRE$f44CHIARA COMPANYIncome StatementFor Year Ended December 31f5%FOR5< Prevf6AX6f710 of 15f8O/R&7‒‒‒www*Nextf98

The important financial statements of the business include income statement and balance sheet. 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 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 ages expense interest expense ffice supplies expense Debit $ 118,100 54,000 22,800 169,000 15,500 170,000 140,000 77,000 52,000 27,000 19,000 183,000 41,000 34,000 35,200 61,000 Credit $ 100,000 21,000 95,000 35,000 15,000 36,000 148,000 29,580 266,220 474,000 28,000

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 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 ages expense interest expense ffice supplies expense Debit $ 118,100 54,000 22,800 169,000 15,500 170,000 140,000 77,000 52,000 27,000 19,000 183,000 41,000 34,000 35,200 61,000 Credit $ 100,000 21,000 95,000 35,000 15,000 36,000 148,000 29,580 266,220 474,000 28,000

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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