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

The adjusted trial balance for Chiara Company as of December 31 follows.

	Debit		Credit
Cash	$	265,100
Accounts receivable		51,000
Interest receivable		23,200
Notes receivable (due in 90 days)		173,000
Office supplies		15,500
Automobiles		173,000
Accumulated depreciation—Automobiles			$	55,000
Equipment		140,000
Accumulated depreciation—Equipment				28,000
Land		84,000
Accounts payable				97,000
Interest payable				50,000
Salaries payable				22,000
Unearned fees				34,000
Long-term notes payable				154,000
Common stock				35,580
Retained earnings				320,220
Dividends		53,000
Fees earned				584,000
Interest earned				32,000
Depreciation expense—Automobiles		27,500
Depreciation expense—Equipment		18,500
Salaries expense		182,000
Wages expense		45,000
Interest expense		34,800
Office supplies expense		35,800
Advertising expense		60,000
Repairs expense—Automobiles		30,400
Totals	$	1,411,800	$	1,411,800

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 retained earnings for the year ended December 31 [Note: Retained Earnings at December 31 of the prior year was $320,220]; and (c) the balance sheet as of December 31.

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ekkarill92 answered 3 years ago

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