The adjusted trial balance for Chiara Company as of December 31, 2017, follows. Debit Credit Cash $
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Question:
The adjusted trial balance for Chiara Company as of December 31, 2017, follows.
Debit | Credit | |||||
Cash | $ | 176,900 | ||||
Accounts receivable | 51,000 | |||||
Interest receivable | 22,600 | |||||
Notes receivable (due in 90 days) | 172,000 | |||||
Office supplies | 16,000 | |||||
Automobiles | 172,000 | |||||
Accumulated depreciation—Automobiles | $ | 95,000 | ||||
Equipment | 136,000 | |||||
Accumulated depreciation—Equipment | 21,000 | |||||
Land | 78,000 | |||||
Accounts payable | 92,000 | |||||
Interest payable | 20,000 | |||||
Salaries payable | 17,000 | |||||
Unearned fees | 40,000 | |||||
Long-term notes payable | 156,000 | |||||
Common stock | 29,580 | |||||
Retained earnings | 266,220 | |||||
Dividends | 45,000 | |||||
Fees earned | 544,000 | |||||
Interest earned | 26,000 | |||||
Depreciation expense—Automobiles | 26,500 | |||||
Depreciation expense—Equipment | 22,000 | |||||
Salaries expense | 189,000 | |||||
Wages expense | 44,000 | |||||
Interest expense | 34,800 | |||||
Office supplies expense | 34,000 | |||||
Advertising expense | 62,000 | |||||
Repairs expense—Automobiles | 25,000 | |||||
Totals | $ | 1,306,800 | $ | 1,306,800 | ||
Required:
1(a) Prepare the income statement for the year ended December 31, 2017.
1(b) Prepare the statement of retained earnings for the year ended December 31, 2017.
1(c) Prepare Chiara Company's balance sheet as of December 31, 2017.
Prepare the income statement for the year ended December 31, 2017.
Really need help filling this out:
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- and need help with:
Prepare the statement of retained earnings for the year ended December 31, 2017.
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And want to check if this part is right I finished:
Prepare Chiara Company's balance sheet as of December 31, 2017.
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THANK YOU :) !!
Related Book For
Fundamental Accounting Principles
ISBN: 978-1259536359
23rd edition
Authors: John Wild, Ken Shaw, Barbara Chiappett
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