The adjusted trial balance for Chiara Company as of December 31 follows. Debit $ 30,000 52,000 18,000 168,000 16,000 168,000 Credit 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 $ 50,000 138,000 18,000 78,000 96,000 20,000 19,000 30,000 138,000 20,000 235,800 46,000 484,000 24,000 Depreciation expense-Automobiles Depreciation expense-Equipment Salaries expense Wages expense Interest expense Office supplies expense Advertising expense Repairs expense-Automobiles 26,000 18,000 188,000 40,000 32,000 34,000 58,000 24,800 $ 1,134,800 Totals $ 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 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. Debit $ 30,000 52,000 18,000 168,000 16,000 168,000 Credit 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 $ 50,000 138,000 18,000 78,000 96,000 20,000 19,000 30,000 138,000 20,000 235,800 46,000 484,000 24,000 Depreciation expense-Automobiles Depreciation expense-Equipment Salaries expense Wages expense Interest expense Office supplies expense Advertising expense Repairs expense-Automobiles 26,000 18,000 188,000 40,000 32,000 34,000 58,000 24,800 $ 1,134,800 Totals $ 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 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The adjusted trial balance for Chiara Company as of December 31 follows.
Debit
$ 30,000
52,000
18,000
168,000
16,000
168,000
Credit
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
$ 50,000
138,000
18,000
78,000
96,000
20,000
19,000
30,000
138, 000
20,000
235,800
nces
46,000
484,000
24,000
26,000
18,000
188,000
40,000
32,000
34,000
58,000
24,800
$ 1,134,800
Totals
$ 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 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.
w
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Transcribed Image Text:00estion 7- HUMEWORK CHAPTER 3 - Connect
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Kequirea A
Kequirea B
Kequirea C
Prepare the income statement for the year ended December 31.
CHIARA COMPANY
Income Statement
For Year Ended December 31
Book
Print
eferences
Required A
Required B
Mc
Graw
Hill
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