The adjusted trial balance for Chiara Company as of December 31 follows. Cash Debit $ 107,600...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The adjusted trial balance for Chiara Company as of December 31 follows. Cash Debit $ 107,600 Credit Accounts receivable Interest receivable Notes receivable (due in 90 days) Office supplies Automobiles Accumulated depreciation-Automobiles Equipment Accumulated depreciation-Equipment Land Accounts payable 51,500 18,600 169,000 16,000 165,000 $ 85,000 136,000 17,000 86,000 99,000 Interest payable Salaries payable 50,000 19,000 Unearned revenue 32,000 Long-term notes payable 140,000 R. Chiara, Capital 315,800 R. Chiara, Withdrawals 55,000 Services revenue 464,000 Interest revenue 20,000 Depreciation expense-Automobiles 27,500 Depreciation expense-Equipment 21,500 Salaries expense 190,000 Wages expense 40,000 Interest expense Advertising expense 33,000 Office supplies expense 34,400 60,500 Repairs expense-Automobiles 30,200 Totals $ 1,241,800 $ 1,241,800 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 $315,800, 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. Cash Debit $ 107,600 Credit Accounts receivable Interest receivable Notes receivable (due in 90 days) Office supplies Automobiles Accumulated depreciation-Automobiles Equipment Accumulated depreciation-Equipment Land Accounts payable 51,500 18,600 169,000 16,000 165,000 $ 85,000 136,000 17,000 86,000 99,000 Interest payable Salaries payable 50,000 19,000 Unearned revenue 32,000 Long-term notes payable 140,000 R. Chiara, Capital 315,800 R. Chiara, Withdrawals 55,000 Services revenue 464,000 Interest revenue 20,000 Depreciation expense-Automobiles 27,500 Depreciation expense-Equipment 21,500 Salaries expense 190,000 Wages expense 40,000 Interest expense Advertising expense 33,000 Office supplies expense 34,400 60,500 Repairs expense-Automobiles 30,200 Totals $ 1,241,800 $ 1,241,800 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 $315,800, and there were no owner investments in the current year]; and (c) the balance sheet as of December 31.
Expert Answer:
Answer rating: 100% (QA)
Required A Income Statement Chiara Company Income Statement For the Year Ended December 31 Amou... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
A rectangular prism, which is made of an elastic material, with dimensions of 40x30x15 cm is placed between two parallel rigid walls a fixed distance apart and is acted on by axial forces P and Q as...
-
BA%20508%202022%20Sprg%20Group%20Proj%202%20instructions.pdf ^ Total variable OH incurred during the year was $83,420 and total fixed OH incurred was $140,540. OH gets applied to products using...
-
Consider the following set of constraints: - 2X1 + 3X2 = 3 (1) 4X1 + 5X2 10 (2) X1 + 2X2 5 (3) 6X1+7x2 3 (4) 4X1 + 8X2 5 (5) X1, x2 0 For each of the following problem, develop the Z - row after...
-
What do you think are the most important factors driving customer satisfaction with Cemexs product and service? How will the new mobile apps improve customers experience and satisfaction?
-
According to the Congressional Research Service, 2,191,011 people are employed by the federal government in the United States. Suppose that a random sample of 3,500 of these federal employees was...
-
Presented below are the computed amounts of ratios for the Village of Riverside example appearing in the chapter. * Population and property values are disclosed in the statistical section of the...
-
The altitude of a triangle is increasing at a rate of 2 centimeters/minute while the area of the triangle is increasing at a rate of 2.5 square centimeters/minute. At what rate is the base of the...
-
Transferred $500,000 to set up new Print Shop internal service fund On July 1, 2023 Date Account Debit Credit Date Account Debit Credit With the given information please fill out the graph.
-
Consider a T-bond maturing on December 31,2028 with coupon payments on December 31 and June 30 every year. Assume that the bond has $1000 par value, 4% coupon rate, and YTM = 5%. The bond is traded...
-
Aardvark Industries is planning a right offering to raise $200 million in new equity. Their stock price is currently $30 per share and they have 60 million shares outstanding. Aardvark has settled on...
-
JKL Company has a 34% tax rate. JKL's bonds presently carry a yield to maturity of 6.7%. Preferred stock pays a dividend of $6.50 per year and the price of preferred is $75 per share. The common...
-
If Acme Corporation issued $1,000,000 worth of 10-year, 9% coupon bonds payable on January 1 at $95 per $100 of face value, market interest rates were Select one: a. Less than 9% b. There is not...
-
A project has a NPV =$1,234.50,a discount rate =4%,and 5-year time period. What is the EAA for this project?
-
How did the working class assert itself in Europe during the late 18th century? Provide examples, and compare to the philosophy of social Darwinism.
-
Identify one local business that uses a perpetual inventory system and another that uses a periodic system. Interview an individual in each organization who is familiar with the inventory system and...
-
The position of a particle undergoing simple harmonic motion is given by \(x(t)=20 \cos (8 \pi t)\), where \(x\) is in millimeters and \(t\) is in seconds. For this motion, what are the (a)...
-
Fill in the blanks to make the following statements correct. a. It is difficult to compare two or more data series when absolute numbers and different units are used. For that reason we construct...
-
Fill in the blanks to make the following statements correct. a. On a graph with Y on the vertical axis and X on the horizontal axis, the slope of a straight line is calculated as ___________. b. In...
Study smarter with the SolutionInn App