Homework Answers
| Income Statement: | |
| Amount $ | |
| Fees earned | 504000 |
| Interest earned | 34000 |
| Total Revenue | 538000 |
| Less:Expenses: | |
| Depre exp.- Auto | 25500 |
| Depre exp.-Equip | 18000 |
| Salaries exp. | 189000 |
| Wages exp. | 38000 |
| Interest exp. | 33800 |
| office supplies exp. | 35600 |
| Advertising exp. | 62000 |
| Repairs exp.-Auto | 30600 |
| Total Expenses | 432500 |
| Net Income | 105500 |
| Statement of Owner's Equity: | |
| R.Chiara Capital | |
| Op Bal. | 295800 |
| Withdrawal | -54000 |
| Net Income | 105500 |
| Cl Bal. | 347300 |
| Balance Sheet: | |
| Assets: | Amount $ |
| Cash | 155000 |
| Accounts Rece. | 52000 |
| Inter. Receivable | 21800 |
| Notes Rece. | 171500 |
| Office supplies | 16000 |
| Current Assets | 416300 |
| Land | 80000 |
| Automobiles | 167000 |
| Acc Dep-Auto. | -80000 |
| Equipment | 140000 |
| Acc Dep-Equip. | -26000 |
| Total Assets | 697300 |
| Liabilities & Capital: | Amount $ |
| Accounts payable | 99000 |
| Interest payable | 40000 |
| Salaries payable | 25000 |
| Unearned Fees | 40000 |
| Current Liabilities | 204000 |
| LT Notes payable | 146000 |
| Total Liabilities | 350000 |
| R.Chiara Capital | 347300 |
| Total Liabi.& Capital | 697300 |
Add Answer to:
Credit $ Debit 155,000 52,000 21,800 171,500 16,000 167,000 $ 80,000 140,000 26,000 80,000 Cash Accounts...
The adjusted trial balance for Chiara Company as of December 31 follows. Cash $ 199,100 Accounts...
The adjusted trial balance for Chiara Company as of December 31 follows. Cash $ 199,100 Accounts receivable 51,000 Interest receivable 19,000 Notes receivable (due in 90 days) 171,500 Office supplies 15,500 Automobiles 167,000 Accumulated depreciation—Automobiles $ 50,000 Equipment 142,000 Accumulated depreciation—Equipment 22,000 Land 78,000 Accounts payable 104,000 Interest payable 15,000 Salaries payable 19,000 Unearned fees 32,000 Long-term notes payable 146,000 R. Chiara, Capital 345,800 R. Chiara, Withdrawals 51,000 Fees earned 574,000 Interest earned 36,000 Depreciation expense—Automobiles 26,000 Depreciation expense—Equipment 19,000...
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 $ 164,100 Accounts receivable 55,500 Interest receivable 20,200 Notes receivable (due in 90 days) 170,000 Office supplies 16,500 Automobiles 168,000 Accumulated depreciation—Automobiles $ 95,000 Equipment 138,000 Accumulated depreciation—Equipment 24,000 Land 83,000 Accounts payable 100,000 Interest payable 20,000 Salaries payable 22,000 Unearned fees 38,000 Long-term notes payable 150,000 R. Chiara, Capital 285,800 R. Chiara, Withdrawals 55,000 Fees earned 554,000 Interest earned 22,000 Depreciation expense—Automobiles 28,000 Depreciation...
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
$
185,900
Accounts receivable
54,500
Interest receivable
18,600
Notes receivable (due in 90 days)
171,000
Office supplies
15,500
Automobiles
169,000
Accumulated depreciation—Automobiles
$
70,000
Equipment
148,000
Accumulated depreciation—Equipment
25,000
Land
86,000
Accounts payable
103,000
Interest payable
20,000
Salaries payable
18,000
Unearned fees
40,000
Long-term notes payable
150,000
Common stock
30,580
Retained earnings
275,220
Dividends
48,000
Fees earned
554,000
Interest earned
38,000
Depreciation expense—Automobiles
25,000
Depreciation...
The adjusted trial balance for Chiara Company as of December 31, 2017, follows. Debit Credit Cash...
The adjusted trial balance for Chiara Company as of December 31, 2017, follows. Debit Credit Cash $ 225,300 Accounts receivable 51,000 Interest receivable 20,000 Notes receivable (due in 90 days) 172,000 Office supplies 16,000 Automobiles 169,000 Accumulated depreciation—Automobiles $ 105,000 Equipment 146,000 Accumulated depreciation—Equipment 19,000 Land 84,000 Accounts payable 103,000 Interest payable 40,000 Salaries payable 23,000 Unearned fees 34,000 Long-term notes payable 152,000 Common stock 29,580 Retained earnings 266,220 Dividends 54,000 Fees earned 574,000 Interest earned 36,000 Depreciation expense—Automobiles 28,000...
Debit Credit Cash Accounts receivable Interest receivable Notes receivable (due in 90 days) office supplies Automobiles...
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...
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 $ 146,200 Accounts receivable 55,000 Interest receivable 21,800 Notes receivable (due in 90 days) 171,000 Office supplies 15,500 Automobiles 172,000 Accumulated depreciation—Automobiles $ 50,000 Equipment 140,000 Accumulated depreciation—Equipment 17,000 Land 77,000 Accounts payable 103,000 Interest payable 40,000 Salaries payable 24,000 Unearned fees 30,000 Long-term notes payable 146,000 Common stock 32,580 Retained earnings 293,220 Dividends 54,000 Fees earned 514,000 Interest earned 24,000 Depreciation expense—Automobiles 25,500 Depreciation...
Credit Debit $ 255,100 52,000 19,000 169,500 17,000 169,000 $ 100,000 142,000 25,000 OK 86,000 ht...
Credit Debit $ 255,100 52,000 19,000 169,500 17,000 169,000 $ 100,000 142,000 25,000 OK 86,000 ht ences 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 Common stock Retained earnings Dividends 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 101,000 35,000 24,000 42,000 144,000...
The adjusted trial balance for Chiara Company as of December 31, 2017, follows. Debit Credit Cash...
The adjusted trial balance for Chiara Company as of December 31,
2017, follows.
Debit
Credit
Cash
$
225,300
Accounts receivable
51,000
Interest receivable
20,000
Notes receivable (due in 90 days)
172,000
Office supplies
16,000
Automobiles
169,000
Accumulated depreciation—Automobiles
$
105,000
Equipment
146,000
Accumulated depreciation—Equipment
19,000
Land
84,000
Accounts payable
103,000
Interest payable
40,000
Salaries payable
23,000
Unearned fees
34,000
Long-term notes payable
152,000
Common stock
29,580
Retained earnings
266,220
Dividends
54,000
Fees earned
574,000
Interest earned
36,000
Depreciation expense—Automobiles
28,000...
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 $ 204,700 Accounts receivable 52,000 Interest receivable 21,400 Notes receivable (due in 90 days) 171,000 Office supplies 17,000 Automobiles 167,000 Accumulated depreciation—Automobiles $ 85,000 Equipment 140,000 Accumulated depreciation—Equipment 18,000 Land 77,000 Accounts payable 106,000 Interest payable 25,000 Salaries payable 25,000 Unearned fees 34,000 Long-term notes payable 154,000 Common stock 30,580 Retained earnings 275,220 Dividends 52,000 Fees earned 554,000 Interest earned 34,000 Depreciation expense—Automobiles 24,500 Depreciation...
The adjusted trial balance for Chiara Company as of December 31 follows. Credit $ Debit 225,800...
The adjusted trial balance for Chiara Company as of December 31 follows. Credit $ Debit 225,800 56,000 22,600 172,500 16,000 166,000 $ 90,000 138,000 23,000 80,000 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 Common stock Retained earnings Dividends Fees earned Interest earned Depreciation expense-Automobiles Depreciation expense-Equipment Salaries expense Wages expense Interest expense Office supplies expense...
The adjusted trial balance for Chiara Company as of December 31
follows.
Debit
Credit
Cash
$
185,900
Accounts receivable
54,500
Interest receivable
18,600
Notes receivable (due in 90 days)
171,000
Office supplies
15,500
Automobiles
169,000
Accumulated depreciation—Automobiles
$
70,000
Equipment
148,000
Accumulated depreciation—Equipment
25,000
Land
86,000
Accounts payable
103,000
Interest payable
20,000
Salaries payable
18,000
Unearned fees
40,000
Long-term notes payable
150,000
Common stock
30,580
Retained earnings
275,220
Dividends
48,000
Fees earned
554,000
Interest earned
38,000
Depreciation expense—Automobiles
25,000
Depreciation...
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...
Credit Debit $ 255,100 52,000 19,000 169,500 17,000 169,000 $ 100,000 142,000 25,000 OK 86,000 ht ences 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 Common stock Retained earnings Dividends 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 101,000 35,000 24,000 42,000 144,000...
The adjusted trial balance for Chiara Company as of December 31,
2017, follows.
Debit
Credit
Cash
$
225,300
Accounts receivable
51,000
Interest receivable
20,000
Notes receivable (due in 90 days)
172,000
Office supplies
16,000
Automobiles
169,000
Accumulated depreciation—Automobiles
$
105,000
Equipment
146,000
Accumulated depreciation—Equipment
19,000
Land
84,000
Accounts payable
103,000
Interest payable
40,000
Salaries payable
23,000
Unearned fees
34,000
Long-term notes payable
152,000
Common stock
29,580
Retained earnings
266,220
Dividends
54,000
Fees earned
574,000
Interest earned
36,000
Depreciation expense—Automobiles
28,000...
The adjusted trial balance for Chiara Company as of December 31 follows. Credit $ Debit 225,800 56,000 22,600 172,500 16,000 166,000 $ 90,000 138,000 23,000 80,000 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 Common stock Retained earnings Dividends Fees earned Interest earned Depreciation expense-Automobiles Depreciation expense-Equipment Salaries expense Wages expense Interest expense Office supplies expense...
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