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Debit Credit Cash Accounts receivable Interest receivable Notes receivable (due in 90 days) office supplies Automobiles Accumulated depreciation-Automobiles Equipment Accumulated depreciation-Equipment Land Accounts payable Interest payable Salaries payable Unearned fees Long-term notes payable R. Chiara, Capital R. Chiara, Withdrawals Fees earned Interest earned Depreciation expense-Automobiles Depreciation expense-Equipment Salaries expense Wages expense Interest expense office supplies expense Advertising expense Repairs expense-Automobiles Totals $ 209,400 55, 000 19, 600 168, 500 15, 500 168, 00G $ 100, 000 136, 000 16, 000 83, 000 105, 00G 45, 000 18, 000 38, 000 142, 000 275, 800 55, 000 574, 000 30, 000 26, 500 22, 000 185, 00G 44, 000 34, 200 35, 600 60, 500 26, 000 $1,343, 800 $1, 343, 800Required: 1(a) Prepare the income statement for the year ended December 31, 2017. 1(b) Prepare the statement of owners equity for the year ended December 31, 2017. 1(c) Prepare Chiara Companys balance sheet as of December 31, 2017. statement or o balance shCHIARA COMPANY Income Statement For Year Ended December 31,2017CHIARA COMPANY Statement of Owners Equity For Year Ended December 31,2017 R. Chiara, Capital, December 31, 2016 R. Chiara, Capital, December 31,2017$Balance Sheet December 31, 2017

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l(a) CHIARA COMPANY Income Statement For Year Ended December 31, 2017 Revenue Fees eraned Interest earned Total Revenue Less: Expenses Depreciation expense Automobiles Depreciation expense - Equipment Salaries Expenses Wages Expenses Interest Expense Office Supplies Expense Advertaising Expenses Repairs Expense Automobiles Net Income S 574,000 S 30,000 S 604,000 S 26,500 S 22,000 S 185,000 S 44,000 S 34,200 S 35,600 S 60,500 S 26,000 S 433,800 S 170,200 CHIARA COMPANY Statement of Owners Equitv For Year Ended December 31, 2017 R. Chiara, Capital, December 31,2016 Add: Net Income S 275,800 S 170,200 S 446,000 S 55,000 S 391,000 Less: R.Chiara, Withdrawels R. Chiara, Capital, December 31,2017CHIARA COMPANY Balance sheet December. 31,2017 Assets Current Assets Cash Balance Accounts Receivables Interest recivables Notes Receivables (due in 90 days ) Office Supplies Total Current Assets Non Current Assets Automobiles Less: Accumulated depreciation Automobiles Equipment Less: Accumulated depreciation Equipment S 209,400 S 55,000 S 19,600 S 168,500 S 15,500 S 468,000 S 168,000 S 100,000 S 68,000 S 136,000 S 16,000 S 120,000 S 83,000 S 739,000 an Total Assets Liabilities and Owners Equity Current Liabilities Accounts pavable Interest Pavable Salaries Payable Unearned Fees Total Current Liabilities S 105,000 S 45,000 S18,000 S 38,000 S 206,000Non Current Liabilities Long Term notes payable Total Liabilities Owners Equity R.Chiara, Capital Total Owners Equity Total Liabilities and owners Equity S 142,000 S 348,000 S391,000 S 391,000 S 739,000

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