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 Salaries expense 191,000 Wages expense 47,000 Interest expense 36,200 Office supplies expense 34,600 Advertising expense 64,500 Repairs expense—Automobiles 31,400 Totals $ 1,343,800 $ 1,343,800 Required: 1(a) Prepare the income statement for the year ended December 31. 1(b) Prepare the statement of owner's equity for the year ended December 31. [Note: R. Chiara, Capital at Dec. 31 of the prior year was $345,800.] 1(c) Prepare Chiara Company's balance sheet as of December 31.
REQUIRED 1 :
CHIARA COMPANY | ||
Income statement | ||
For Year Ended December 31, | ||
Revenues : | ||
Fees earned | $ 574,000 | |
Interest earned | $ 36,000 | |
Total revenues | $ 610,000 | |
less : Expenses | ||
Depreciation expense- automobiles | $ 26,000 | |
Depreciation expense- Equipment | $ 19,000 | |
Salaries expense | $ 191,000 | |
Wages expense | $ 47,000 | |
Interest expense | $ 36,200 | |
Office supplies expense | $ 34,600 | |
Advertising expense | $ 64,500 | |
Repairs expense - Automobiles | $ 31,400 | |
Total expenses | ($ 449,700) | |
Net income | $ 160,300 |
REQUIRED 2 :
CHIARA COMPANY | |
Statement of Owner's Equity | |
For Year Ended December 31, | |
R. Chiara Capital ( prior period ). | $ 345,800 |
Add : Net income | $ 160,300 |
$ 506,100 | |
less: R.Chiara withdrawals | ($ 51,000) |
R. Chiara Capital ( Current. period ). | $ 455,100 |
REQUIRED 3 :
CHIARA COMPANY | ||
Balance sheet | ||
December 31 | ||
ASSETS : | ||
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) | $ 117,000 |
Equipment | $ 142,000 | |
Accumulated Depreciation -Equipment | ($ 22,000) | $ 120,000 |
Land | $ 78,000 | |
Total assets | $ 771,100 | |
LIABILITIES AND EQUITY | ||
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 ( see in required 2) | $ 455,100 | |
$ 771,100 |
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, 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 $ 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,
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 $ 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...
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 follows. Credit $ Debit 124,200 51,500 21,600 172,500 16,500 168,000 $ 55,000 146,000 17,000 86,000 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 Advertising...
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, 2017, follows.
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 Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Reg 10 Prepare the income statement for the year ended December 31, 2017. CHIARA COMPANY...
The adjusted trial balance for
Chiara Company as of December 31 follows.
87,800 50,000 22,600 168,500 15,500 168,000 $ 90,000 136,000 19,000 78,000 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 Advertising expense Repairs expense-Automobiles...
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...