The adjusted trial balance for Chiara Company as of December 31 follows. Debit Credit Cash $ 30,000 Accounts receivable 52,000 Interest receivable 18,000 Notes receivable (due in 90 days ) 168,000 Office supplies 16,000 Automobiles 168,000 Accumulated depreciation-Automobiles $50,000 Equipment 138,000 Accumulated depreciation-Equipment 18,000 Land 78,000 Accounts payable 96,000 Interest payable 20,000 Salaries payable 19,000 Unearned revenue 30, 000 Long-term notes payable 138,000 R. Chiara, Capital 255,800 R. Chiara, Withdrawals 46,000 Services revenue 484, 000 Interest revenue 24,000 Depreciation expense-Automobiles 26,000 Depreciation expense-Equipment 18,000 Salaries expense 188,000 Wages expense 40,000 Interest expense 32,000 Office supplies expense 34,000 Advertising expense 58,000 Repairs expense-Automobiles 24,800 Totals $ 1,134,800 $ 1,134, 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 owner's equity for the year ended December 31 [Note: R. Chiara, Capital at December 31 of the prior year was $255, 800, and there were no owner investments in the current year.]; and (c) the balance sheet as of December 31.

The adjusted trial balance for Chiara Company as of December 31 follows. Debit Credit Cash $ 30,000 Accounts receivable 52,000 Interest receivable 18,000 Notes receivable (due in 90 days ) 168,000 Office supplies 16,000 Automobiles 168,000 Accumulated depreciation-Automobiles $50,000 Equipment 138,000 Accumulated depreciation-Equipment 18,000 Land 78,000 Accounts payable 96,000 Interest payable 20,000 Salaries payable 19,000 Unearned revenue 30, 000 Long-term notes payable 138,000 R. Chiara, Capital 255,800 R. Chiara, Withdrawals 46,000 Services revenue 484, 000 Interest revenue 24,000 Depreciation expense-Automobiles 26,000 Depreciation expense-Equipment 18,000 Salaries expense 188,000 Wages expense 40,000 Interest expense 32,000 Office supplies expense 34,000 Advertising expense 58,000 Repairs expense-Automobiles 24,800 Totals $ 1,134,800 $ 1,134, 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 owner's equity for the year ended December 31 [Note: R. Chiara, Capital at December 31 of the prior year was $255, 800, and there were no owner investments in the current year.]; and (c) the balance sheet as of December 31.

Name: The adjusted trial balance for Chiara Company as of December 31 follo
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Description: The adjusted trial balance for Chiara Company as of December 31 follows. Debit Credit Cash $ 30,000 Accounts receivable 52,000 Interest receivable 18,000 Notes receivable (due in 90 days) 168,000 Office supplies 16,000 Automobiles 168, 000 Accumulat

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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