Question

In: Accounting

[The following information applies to the questions displayed below.]    The adjusted trial balance for Chiara...

[The following information applies to the questions displayed below.]
  
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.
CHIARA COMPANY
Income Statement
For Year Ended December 31, 2017
$0
0

Prepare the statement of retained earnings for the year ended December 31, 2017.
CHIARA COMPANY
Statement of Retained Earnings
For Year Ended December 31, 2017
Retained earnings, December 31, 2016
0
Retained earnings, December 31, 2017

$0

Prepare Chiara Company's balance sheet as of December 31, 2017.
CHIARA COMPANY
Balance Sheet
December 31, 2017
0
0
$0
0
0
$0

Solutions

Expert Solution

ekkarill92 answered 4 months ago
Next > < Previous

Related Solutions

Prepare an adjusted trial balance [The following information applies to the questions displayed below.] Wells Technical...
Prepare an adjusted trial balance [The following information applies to the questions displayed below.] Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Its unadjusted trial balance as of December 31 follows along with descriptions of items a through h that require adjusting entries on December 31....
[The following information applies to the questions displayed below.]    The following unadjusted trial balance is...
[The following information applies to the questions displayed below.]    The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. Nelson Company uses a perpetual inventory system. It categorizes the following accounts as selling expenses: Depreciation Expense—Store Equipment, Sales Salaries Expense, Rent Expense—Selling Space, Store Supplies Expense, and Advertising Expense. It categorizes the remaining expenses as general and administrative.    NELSON COMPANY Unadjusted Trial Balance January 31 Debit Credit Cash $ 1,000 Merchandise inventory 12,500 Store supplies...
[The following information applies to the questions displayed below.]    The following unadjusted trial balance is...
[The following information applies to the questions displayed below.]    The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. Nelson Company uses a perpetual inventory system. It categorizes the following accounts as selling expenses: Depreciation Expense—Store Equipment, Sales Salaries Expense, Rent Expense—Selling Space, Store Supplies Expense, and Advertising Expense. It categorizes the remaining expenses as general and administrative.    NELSON COMPANY Unadjusted Trial Balance January 31 Debit Credit Cash $ 1,000 Merchandise inventory 12,500 Store supplies...
The following information applies to the questions displayed below.] The following is the post-closing trial balance...
The following information applies to the questions displayed below.] The following is the post-closing trial balance for the Whitlow Manufacturing Corporation as of December 31, 2020. Account Title Debits Credits Cash 5,000 Accounts receivable 2,000 Inventory 5,000 Equipment 11,000 Accumulated depreciation 3,500 Accounts payable 3,000 Common stock 10,000 Retained earnings 6,500 Sales revenue 0 Cost of goods sold 0 Salaries expense 0 Rent expense 0 Advertising expense 0 Totals 23,000 23,000 The following transactions occurred during January 2021: Jan. 1...
The following information applies to the questions displayed below.] The following is the post-closing trial balance...
The following information applies to the questions displayed below.] The following is the post-closing trial balance for the Whitlow Manufacturing Corporation as of December 31, 2020. Account Title Debits Credits Cash 5,000 Accounts receivable 2,000 Inventory 5,000 Equipment 11,000 Accumulated depreciation 3,500 Accounts payable 3,000 Common stock 10,000 Retained earnings 6,500 Sales revenue 0 Cost of goods sold 0 Salaries expense 0 Rent expense 0 Advertising expense 0 Totals 23,000 23,000 The following transactions occurred during January 2021: Jan. 1...
[The following information applies to the questions displayed below.] The trial balance for Terry’s Auto Shop...
[The following information applies to the questions displayed below.] The trial balance for Terry’s Auto Shop as of January 1, 2016, follows:   Account Titles Debit Credit   Cash $ 6,090   Inventory 3,150   Common Stock $ 7,480   Retained Earnings 1,760        Total $ 9,240 $ 9,240     The following events affected the company during the 2016 accounting period: 1. Purchased merchandise on account that cost $4,280. 2. The goods in Event 1 were purchased FOB shipping point with freight cost of $215 cash....
The following information applies to the questions displayed below.] The trial balance for Terry’s Auto Shop...
The following information applies to the questions displayed below.] The trial balance for Terry’s Auto Shop as of January 1, Year 2, follows: Account Titles Debit Credit Cash $ 14,860 Inventory 3,060 Common Stock $ 7,350 Retained Earnings 10,570 Total $ 17,920 $ 17,920 The following events affected the company during the Year 2 accounting period: Purchased merchandise on account that cost $4,130. The goods in Event 1 were purchased FOB shipping point with freight cost of $225 cash. Returned...
The following information applies to the questions displayed below.] The trial balance for Terry’s Auto Shop...
The following information applies to the questions displayed below.] The trial balance for Terry’s Auto Shop as of January 1, Year 2, follows: Account Titles Debit Credit Cash $ 14,860 Inventory 3,060 Common Stock $ 7,350 Retained Earnings 10,570 Total $ 17,920 $ 17,920 The following events affected the company during the Year 2 accounting period: Purchased merchandise on account that cost $4,130. The goods in Event 1 were purchased FOB shipping point with freight cost of $225 cash. Returned...
[The following information applies to the questions displayed below.] The December 31, 2016, unadjusted trial balance...
[The following information applies to the questions displayed below.] The December 31, 2016, unadjusted trial balance for the Wolkstein Drug Company is presented below. December 31 is the company’s fiscal year-end.       Account Title Debits Credits   Cash 37,410        Accounts receivable 34,250        Prepaid rent 5,800        Inventory 53,750        Equipment 126,000        Accumulated depreciation—equipment 37,800        Accounts payable 39,000        Salaries and wages payable 0        Common stock 100,000        Retained earnings 38,500        Sales revenue 523,000        Cost of goods sold...
Required information [The following information applies to the questions displayed below.] A comparative balance sheet and...
Required information [The following information applies to the questions displayed below.] A comparative balance sheet and income statement is shown for Cruz, Inc. CRUZ, INC. Comparative Balance Sheets December 31, 2017 2017 2016 Assets Cash $ 99,000 $ 25,000 Accounts receivable, net 42,800 53,100 Inventory 89,600 99,700 Prepaid expenses 5,600 4,400 Total current assets 237,000 182,200 Furniture 113,000 124,700 Accum. depreciation—Furniture (17,600 ) (9,400 ) Total assets $ 332,400 $ 297,500 Liabilities and Equity Accounts payable $ 15,600 $ 21,900...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT