Answered step by step
Verified Expert Solution
Question
1 Approved Answer
PLEASE PLEASE HELP!!!! PLEASEEE!!! The adjusted trial balance for Chiara Company as of December 31 follows. 54,000 21, 170,500 170, $ 65,000 136, 23,000 87
PLEASE PLEASE HELP!!!! PLEASEEE!!!
The adjusted trial balance for Chiara Company as of December 31 follows. 54,000 21, 170,500 170, $ 65,000 136, 23,000 87 , 92,000 45,000 23,000 28,000 142, 265,800 48 , 464, 36,000 27 , 183 , 42, 33,800 35,400 61,500 28,600 Cash Accounts receivable Interest receivable Notes receivable (due in 90 days) Office supplies Automobiles Accumulated depreciationAutomobiles Equipment Accumulated depreciationEquipment Land Accounts payable Interest payable Salaries payable Unearned revenue Longterm notes payable R. Chiara, Capital R. Chiara, Withd rawals Services revenue Interest revenue Depreciation expenseAutomobiles Depreciation expenseEquipment Salaries expense Wages expense Interest expense Office supplies expense Advertising expense Repairs expenseAutomobiles Totals Required: Debit $ 50,900 15,500 19, $ 1, 183,800 Credit 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 $265,800, 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 C Required A Required B Prepare the income statement for the year ended December 31. CHIARA COMPANY Income Statement For Year Ended December 31 Required C 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 $265,800, 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 R. Chiara, Capital, December 31 current year Required A Required B Required C Prepare Chiara Company's balance sheet as of December 31. CHIARA COMPANY Balance Sheet December 31
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started