Chapter 3 Adjusting Accounts for Financial Statements The adjusted trial balance for Chiara Company as of December 31 follows. Problem 3-4A 117 Preparing financial statements from the adjusted trial balance FROOM 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 revenue Debit Credit $ 30,000 52,000 18,000 168,000 16,000 168,000 $ 50,000 138,000 18,000 78,000 96,000 20,000 19,000 30,000 Long-term notes payable 138,000 R. Chiara, Capital 255,800 R. Chiara, Withdrawals 46,000 Services revenue 484,000 Interest revenue 24,000 Depreciation expense-Automobiles 26,000 Depreciation expense-Equipment 18,000 Salaries expense 188,000 Wages expense 40,000 Interest expense 32,000 Office supplies expense 34,000 Advertising expense 58,000 Repairs expense-Automobiles 24,800 Totals $1,134,800 $1,134,800 P5 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 owner's equity for the year ended December 31 [Note: R. Chiara, Capital at December 31 of the prior year was $255,800, and there were no owner investments in the cur- rent year.]; and (c) the balance sheet as of December 31. Check Total ass $600,000