Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

i need help solving this problem! The adjusted trial balance for Chiara Company as of December 31 follows. Credit $ Debit 146,300 52,500 19,600 171,000

i need help solving this problem! image text in transcribed
image text in transcribed
The adjusted trial balance for Chiara Company as of December 31 follows. Credit $ Debit 146,300 52,500 19,600 171,000 16,500 173,000 $ 65,000 142,000 20,000 76,000 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 Totals 96,000 20,000 19,000 36,000 150,000 28,580 257,220 46,000 554,000 38,000 28,000 21,000 189,000 45,000 34,000 34,000 61,500 28,400 $1,283,800 $1,283,800 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 $257,220); and (c) the balance sheet as of December 31. 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 $257,220]; 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 Prepare the statement of retained earnings for the year ended December 31. [Note: Retained Earnings at December 31 of the prior year was $257,220.) CHIARA COMPANY Statement of Retained Earnings For Year Ended December 31 Retained earnings, Dec.31 prior year end 0 $ 0 Retained earnings, Dec. 31 current year end

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Algorithms Understanding Algorithmic Systems From The Outside In Foundations And Trends

Authors: Danaƫ Metaxa, Joon Sung Park, Ronald E Robertson, Karrie Karahalios, Christo Wilson, Jeff Hancock, Christian Sandvig

1st Edition

1680839160, 978-1680839166

More Books

Students also viewed these Accounting questions

Question

Whats the difference between a load fund and a no-load fund?

Answered: 1 week ago