P 3-5A The adjusted trial balance for Chiara Company as of December 31, 2015, follows.
				Debit	Credit
Cash	$30,000
AR	$52,000
Interest Receivable	$18,000
Notes Receivable (due in 90 days)	$168,000
Office Supplies	$16,000
Automobiles	$168,000
Accumulated depr-Auto		$50,000
Equipment	$138,000
Accumulated depr-Equipment		$18,000
Land	$78,000
AP		$96,000
Interest Payable		$20,000
Salaries Payable		$19,000
Unearned Fees		$30,000
Long Term notes payable		$138,000
R. Chiara Capital		$255,800
R. Chiara Withdrawals	$46,000
Fees Earned		$484,000
Interest earned		$24,000
Depreciation expense - Auto	$26,000
Depreciation expense - Equip	$18,000
Salaries Expense	$188,000
Wages expense	$40,000
Interest expense	$32,000
Office Supplies expense	$34,000
Advertisng expense	$58,000
Repair expense - auto	$24,800
Totals	$1,134,800	$1,134,800
1. Use the information in the adjusted trial balance to prepare (a) the income statement for the year ended December 31, 2015; (b) the statement of owners equity for the year ended December 31, 2015; and (c) the balance sheet as of December 31, 2015.
			Chiara Company
			Income Statement
			For Year ended December 31, 2015
			Revenues
Total revenues
Expenses
Total Expenses
Net Income
Chiara Company
Statement of Owners Equity
For Year ended December 31, 2015
Add:
Less:
Chiara Company
Balance Sheet
December 31, 2015
Assets
Liabilities
Equity