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[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 3 months ago
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