The adjusted trial balance for Chiara Company as of December 31 follows. Cash Debit $ 107,600...

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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.

Answer rating: 100% (QA)

Required A Income Statement Chiara Company Income Statement For the Year Ended December 31 Amou... View the full answer