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I Need help with the balance sheet at the end. Thank you! Required: Use the information in the adjusted trial balance to prepare (a) the
I Need help with the balance sheet at the end. Thank you!
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 $335,800, and there were no owner investments in the current year]; 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 income statement for the year ended December 31. CHIARA COMPANY Income Statement For Year Ended December 31 Revenues Interest revenue Services revenue $ 22,000 574,000 $ 596,000 Total revenues Expenses Depreciation expense-Automobiles Depreciation expense-Equipment Salaries expense Wages expense Interest expense Office supplies expense Advertising expense Repairs expenseAutomobiles 26,000 19,000 191,000 47,000 35,600 33,400 59,500 32,600 Total expenses Net income 444,100 151,900 $ Required A Required B Required Prepare the statement of owner's equity for the year ended December 31. [Note: R. Chiara, Capital at December 31 of the prior year was $335,800, and there were no owner investments in the current year.] CHIARA COMPANY Statement of Owner's Equity For Year Ended December 31 R. Chiara, Capital, December 31 prior year Add: Investments by owner Add: Net income $ 335,800 0 151,900 487,700 335,800 151,900 Less: Withdrawals by owner R. Chiara, Capital, December 31 current year $ The adjusted trial balance for Chiara Company as of December 31 follows. Credit Debit $ 216,100 51,000 22,600 170,000 16,000 168,000 $ 75,000 136,000 23,000 81,000 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 revenue Long-term notes payable R. Chiara, Capital R. Chiara, Withdrawals Services revenue Interest revenue Depreciation expense-Automobiles Depreciation expense-Equipment Salaries expense Wages expense Interest expense Office supplies expense Advertising expense Repairs expense-Automobiles Totals 101,000 20,000 15,000 38,000 156,000 335,800 55,000 574,000 22,000 26,000 19,000 191,000 47,000 35,600 33,400 59,500 32,600 $ 1,359,800 $ 1,359,800 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 owner's equity for the year ended December 31 (Note: R. Chiara, Capital at December 31 of the prior year was $335,800, and there were no owner investments in the current year]; 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 Chiara Company's balance sheet as of December 31. Complete this question by entering your answers in the tabs below. Required A Required B Required Prepare Chiara Company's balance sheet as of December 31. CHIARA COMPANY Balance Sheet December 31 Assets Cash S Accounts receivable Interest receivable Notes receivable Office supplies 216,100 51,000 22,600 170,000 16,000 0 0 S 475,700 Liabilities 0 Equity S 0Step by Step Solution
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