Cash Accounts receivable Interest receivable Notes receivable (due in 90 days) Office supplies Automobiles Accumulated depreciation-Automobiles...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
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 fees Long-term notes payable Common stock Retained earnings Dividends Fees earned Interest earned Depreciation expense-Automobiles Depreciation expense-Equipment Salaries expense. Wages expense Interest expense Office supplies expense Advertising expense Repairs expense-Automobiles Totals es Debit 122,200 52,500 20,400 169,000 16,500 175,000 136,000 86,000 51,000 25,000 18,000 186,000 48,000 33,200 33,400 65,000 32,600 $1,269,800 $ Credit 95,000 26,000 105,000 30,000 20,000 40,000 148,000 28,580 257,220 484,000 36,000 $1,269,800 Balance Sheet December 31 $ 0 0 0 0 0 Complete this question by entering your answers in the tabs below. Required A Required B Required C Prepare the statement of retained earnings for the year ended December 31. [Note: Retained Earnings at December 31 of the prior year was $257,220.] CHIARA COMPANY Statement of Retained Earnings For Year Ended December 31 Retained earnings, Dec.31 prior year end Retained earnings, Dec. 31 current year end 0 0 < Required A Required C > Prepare the income statement for the year ended December 31. CHIARA COMPANY Income Statement For Year Ended December 31 0 0 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 fees Long-term notes payable Common stock Retained earnings Dividends Fees earned Interest earned Depreciation expense-Automobiles Depreciation expense-Equipment Salaries expense. Wages expense Interest expense Office supplies expense Advertising expense Repairs expense-Automobiles Totals es Debit 122,200 52,500 20,400 169,000 16,500 175,000 136,000 86,000 51,000 25,000 18,000 186,000 48,000 33,200 33,400 65,000 32,600 $1,269,800 $ Credit 95,000 26,000 105,000 30,000 20,000 40,000 148,000 28,580 257,220 484,000 36,000 $1,269,800 Balance Sheet December 31 $ 0 0 0 0 0 Complete this question by entering your answers in the tabs below. Required A Required B Required C Prepare the statement of retained earnings for the year ended December 31. [Note: Retained Earnings at December 31 of the prior year was $257,220.] CHIARA COMPANY Statement of Retained Earnings For Year Ended December 31 Retained earnings, Dec.31 prior year end Retained earnings, Dec. 31 current year end 0 0 < Required A Required C > Prepare the income statement for the year ended December 31. CHIARA COMPANY Income Statement For Year Ended December 31 0 0
Expert Answer:
Related Book For
Financial Accounting Information for Decisions
ISBN: 978-1259917042
9th edition
Authors: John J. Wild
Posted Date:
Students also viewed these accounting questions
-
The income statement of Jones Company for the year ended December 31, 2010, follows. Required a. Compute the net earnings remaining after removing nonrecurring items. b. Determine the earnings (loss)...
-
Prepare the statement of cash flow for the year ended 31 December 2021 in accordance with IFRS and the requirements of the Companies Act. Sniper Ltd Limited The following information was extracted on...
-
Given: L-200 ft equal tangent parabolic curve with g = -1.25%, g = +1.25 %, VPI station = 146+00, and VPI elevation = 1,895.00 ft. Compute the rate of change, r.
-
The Hartley Hotel Corporation is planning a major expansion. Hartley is financed 100 percent with equity and intends to maintain this capital structure after the expansion. Hartleys beta is 0.9. The...
-
Indicate whether a debit or credit is required to close each of the following accounts. Use the symbols D if a debit is required, C if a credit is required, and N if the account is not closed at the...
-
Malone Company determined its ending inventory at cost and at LCNRV at December 31, 2019, December 31, 2020, and December 31, 2021, as shown below. Instructions a. Prepare the journal entries...
-
Use Eq. (7.7) and Fig. 7.1 to establish the details of how the separation of the rotors into the two classes in Eq. (7.10) works. Figure 7.1 Equation (7.7) Equation (7.10) 1 0.5 Case (1) o -0.5 -1...
-
Weiss Company is incorporated at the beginning of this year and engages in a number of transactions. The following journal entries impacted its stockholders equity during its first year of...
-
Natural Colour Co. wants to invest in a bond with par value of $ 1000 that offers 10% coupons paid semi-annually. The bond has 15 years to maturity and has a yield to maturity of 9%. If the current...
-
You are to develop a simple Binary Search Tree ADT and run it against a test program. Avoid the temptation of finding code online. I am aware of all the available solutions and will be looking...
-
What is a virus? 2. List three methods of controlling unauthorized access to telecommunication messages. 3. What are some typical problems with passwords? 4. Discuss the key features of the one-time...
-
Spartan Credit Bank is offering 7.4 percent compounded daily on its savings accounts. You deposit $5,800 today. a. How much will you have in the account in 6 years? (Use 365 days a year. Do not round...
-
General Importers announced that it will pay a dividend of $3.95 per share one year from today. After that, the company expects a slowdown in its business and will not pay a dividend for the next 7...
-
1) What is the company's net incomeet earnings? 2) What is the company's gross profit percent? 3) Did the company's financial position improve over the past two years and why? Revenues Cost of...
-
An increasing perpetuity makes payments of $2, $4, $6, . The payments are made at the end of every two years. The present value of the perpetuity is $220. Determine the annual effective interest...
-
Assume you own a bond with a market value of $1,200 that matures in 16 years. The par value of the bond is $1,000. Interest payments of $35 are paid semiannually. What is your expected rate of return...
-
(4 points) For each of the recursively defined sequences given below, write out the next four terms of the sequence. (Hint: Take note of the index of the first term.) (a) a = 6ai_1 + with a = 1 1 (b)...
-
Why can wastewater treatment requirements in Hawaii be less stringent than those in most locations on the U.S. mainland?
-
Angel Martin is a young entrepreneur who operates Martin Music Services, offering singing lessons and instruction on musical instruments. Martin wishes to expand but needs a $30,000 loan. The bank...
-
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $127,200 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 3.1% and SUTA...
-
Use Apples financial statements in Appendix A to answer the following. 1. Compute Apples return on total assets for the years ended September 24, 2016, and September 26, 2015. 2. Is Apples return on...
-
Explain the importance of establishing credibility for business communications.
-
Describe how competence, caring, and character affect your credibility as a communicator.
-
Define and explain business ethics, corporate values, and personal values.
Study smarter with the SolutionInn App