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1(a) Prepare the income statement for the year ended December 31, 2017 1(b) Prepare the statement of retained earnings for thRequired: 1(a) Prepare the income statement for the year ended December 31, 2017 1(b) Prepare the statement of retained earniRequired: 1(a) Prepare the income statement for the year ended December 31, 2017 1(b) Prepare the statement of retained earniThe adjusted trial balance for Chiara Company as of December 31, 2017, follows.

Credit $ Debit 146,700 52,000 20,000 171,500 16,500 172,000 $ 55,000 144,000 17,000 77,000 Cash Accounts receivable Interest

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Answer #1
CHIARA COMPANY
Income Statement
For the Year Ended December 31, 2017
Revenues
Fees Earned $   484,000
Interest earned $     26,000
Total revenues $   510,000
Less: Expenses
Depreciation expense - Automobiles $     26,000
Depreciation expense - Equipment $     19,000
Salaries expense $   183,000
Wages expense $     45,000
Interest expense $     37,800
Office supplies expense $     33,400
Advertising expense $     64,500
Repairs expense - Automobiles $     30,400
Total expenses $   439,100
Net income $     70,900
CHIARA COMPANY
Statement of Retained Earnings
For the Year Ended December 31, 2017
Retained earnings, December 31, 2016 $   293,220
Add: Net income $     70,900
$   364,120
Less: Dividends $   (45,000)
Retained earnings, December 31, 2017 $   319,120
CHIARA COMPANY
Balance Sheet  
At December 31, 2017
Assets
Cash $ 146,700
Accounts Receivables $    52,000
Notes receivable $ 171,500
Interest receivable $    20,000
Office supplies $    16,500 $ 406,700
Automobiles $ 172,000
Accumulated depreciation—Automobiles $ (55,000) $ 117,000
Equipment $ 144,000
Accumulated depreciation—Equipment $ (17,000) $ 127,000
Land $    77,000
Total Assets $ 727,700
Liabilities  
Current Liabilities
Accounts payable $ 103,000
Interest payable $    50,000
Salaries payable $    25,000
Unearned fees $    46,000 $ 224,000
Long-term note payable $ 152,000
Total liabilities $ 376,000
Shareholders' equity
Common stock $    32,580
Retained earnings   $ 319,120
Total Shareholders' equity $ 351,700
Total liabilities and shareholders' equity $ 727,700

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