5 The adjusted trial balance for Chiara Company as of December 31 follows. 10 Cash Dos eBook Print 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 Debit Credit $ 215,700 50,000 21,800 168,500 15,500 165,000 $ 65,000 136,000 21,000 77,000 96,000 55,000 20,000 38,000 Salaries payable Unearned fees Long-term notes payable 144,000 References Common stock 33,580 Retained earnings 302, 220 Dividends 51,000 Fees earned 524,000 Interest earned 24,000 Depreciation expense-Automobiles 26,500 Depreciation expense-Equipment 21,500 Salaries expense 191,000 Wages expense 42,000 Interest expense 32,000 office supplies expense Advertising expense Repairs expense-Automobiles Totals 35,800 65,500 28,000 $1,342,800 $1,342,000 Mc Graw Required: Use the information in the adjusted trial balance to prepare (a) the income statement for the year ended December 31, (b) the statement of retained earnings for the year ended December 31 Note: Retained Earnings at December 31 of the prior year was $302.220) and (c) the balance sheet as of December 31 Complete this question by entering your answers in the tabs below. Required & Required Required C Prepare Chiara Company's balance sheet as of December 31. 5 ints eBook Print statement of retained earnings for the year ended December 31 [Note: Retained Earnings at Decem $302,220]; and (c) the balance sheet as of December 31. Complete this question by entering your answers in the tabs below. Required A Required B Required C Prepare the income statement for the year ended December 31. CHIARA COMPANY Income Statement For Year Ended December 31 Revenues References Fees eamed Interest earned 524,000 24,000 Total revenues Expenses Depreciation expense-Automobiles 26,500 Depreciation expense-Equipment 21.500 Salaries expense 191,000 Wages expense 42,000 Interest expense 32,000 Office supplies expense 35,800 Advertising expense 65,500 Repairs expense Automobiles 28,000 Total expenses Net income S 548.000 442,300 S 105,700 Required B > 10 5 points Salaries expense Wages expense Interest expense Office supplies expense Advertising expense Repairs expense-Automobiles Totals Depreciation expense-AULUMUDIS 20,500 Depreciation expense-Equipment 21,500 191,000 42,000 32,000 35,800 65,500 28,000 $1,342,800 $1,342,800 eBook Print Required: Use the information in the adjusted trial balance to prepare (a) the income statement fo statement of retained earnings for the year ended December 31 [Note: Retained Earning $302,220]; and (c) the balance sheet as of December 31. Complete this question by entering your answers in the tabs below. References Required A Required B Required C Prepare the statement of retained earnings for the year ended December 31. [Note: Retained prior year was $302,220.] CHIARA COMPANY Statement of Retained Earnings For Year Ended December 31 Retained eamings, Dec 31 prior year end. 302.220 Add: Net income 105,700 407 920 Less: Dividends $1,000 Retained earnings, Dec. 31 current year end $356,920 > Chapter 3 5 10 points Required A Required B Required C Prepare Chiara Company's balance sheet as of December 31. CHIARA COMPANY Balance Sheet December 31 eBook Cash Assets 215,700 Accounts receivable 50,000 Print Interest receivable 21.800 Notes receivable 168.500 References Office supplies 15,500 Accumulated depreciation-Automobiles $ 85,000 85,000 Mc Graw Hill Equipment Total assets Liabilities Accounts payable Interest payable Salaries payable Unearned fees Long-term notes payable Total liabilities Common stock Retained eamings Total equity Total liabilities and equity 136,000 136,000 S 420,500 96 800 56,000 20,000 38,000 144,000 363,500 Equity 33.580 302 220 336.300 688 800 ^