Problem 3-5A Preparing financial statements from the adjusted trial balance and calculating profit margin LO P3, A1, A2

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The adjusted trial balance for Chiara Company as of December 31, 2013, 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%u2014Automobiles				$	50,000
Equipment		138,000
Accumulated depreciation%u2014Equipment					18,000
Land		78,000
Accounts payable					96,000
Interest payable					20,000
Salaries payable					19,000
Unearned fees					30,000
Long-term notes payable					138,000
R. Chiara, Capital					255,800
R. Chiara, Withdrawals		46,000
Fees earned					484,000
Interest earned					24,000
Depreciation expense%u2014Automobiles		26,000
Depreciation expense%u2014Equipment		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%u2014Automobiles		24,800
Totals	$	1,134,800		$	1,134,800

references 1(c)

Prepare Chiara Company's the balance sheet as of December 31, 2013.

2. Calculate the profit margin for year 2013