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 expense—Equipment | 21,000 | |||||
Salaries expense | 186,000 | |||||
Wages expense | 43,000 | |||||
Interest expense | 35,600 | |||||
Office supplies expense | 35,600 | |||||
Advertising expense | 65,500 | |||||
Repairs expense—Automobiles | 25,800 | |||||
Totals | $ | 1,310,800 | $ | 1,310,800 | ||
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 $285,800.]
1(c) Prepare Chiara Company's balance sheet as of
December 31.
1a
Income Statement | ||
Revenues: | ||
Fees earned | $554,000 | |
Interest earned | $22,000 | |
Total revenues | $576,000 | |
Expenses: | ||
Depreciation expense—Automobiles | $28,000 | |
Depreciation expense—Equipment | $21,000 | |
Salaries expense | $186,000 | |
Wages expense | $43,000 | |
Interest expense | $35,600 | |
Office supplies expense | $35,600 | |
Advertising expense | $65,500 | |
Repairs expense—Automobiles | $25,800 | |
Total expenses | $440,500 | |
Net income | $135,500 |
1b
Statement of Owner's Equity | |
R. Chiara, Capital, Beginning Balance | $285,800 |
Add: net income | $135,500 |
(Less): Withdrawals | ($55,000) |
R. Chiara, Capital, Ending balance | $366,300 |
1c
Balance Sheet | |||
Assets | Liabilities and Owner's Equity | ||
Cash | $164,100 | Accounts payable | $100,000 |
Accounts receivable | $55,500 | Interest payable | $20,000 |
Interest receivable | $20,200 | Salaries payable | $22,000 |
Notes receivable (due in 90 days) | $170,000 | Unearned fees | $38,000 |
Office supplies | $16,500 | Long-term notes payable | $150,000 |
Automobiles | $168,000 | Total liabilities | $330,000 |
Accumulated depreciation—Automobiles | ($95,000) | ||
Equipment | $138,000 | Owner's Equity: | |
Accumulated depreciation—Equipment | ($24,000) | R. Chiara, Capital | $366,300 |
Land | $83,000 | ||
Total assets | $696,300 | Total liabilities and Owner's Equity | $696,300 |
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 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. 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 $ 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, 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 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. 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, 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 $ 145,000 55,500 20,480 170,500 16,500 168,880 $ 55,888 138,600 17.000 83,000 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 tailor Chiara Company as of December 31, 2017, follows. Debit Credit $ 30,000 52,000 18,000 168.000 16,000 168,000 $ 50,000 138,000 18,000 .. 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...........