Problem 3-4A Preparing financial statements from the adjusted trial balance LO P6 The adjusted trial balance for Chiara Company as of December 31 follows Debit Credit 5 57,900 Accounts receivable 54,000 Interest receivable Notes receivable (tuin 9 days) 20,600 170,500 Office supplies 15,500 Automobiles 169,000 Accumulated depreciation Automobiles 5 60,000 Equipment 100,000 Accumulated depreciation Equipment 22,000 Land Accounts payable 37,000 98,000 Interest payable 20,000 Salaries payable 24,000 Linearned fees 34,000 Long term notes payable 156,000 Connon stock 24,58 Retained earnings 221,220 Dividers 55,000 Fees earned 584,000 Interest earned 30,000 Depreciation expense-Automobiles 25,000 Depreciation expense-Equipment 18,500 Salaries expense 183,000 Wages expense 42,000 Interest expense 33,800 Office Supplies expense 34,400 Advertising expense 59,000 Repairs expense-Autobiles 28,600 Totals $1,193,800 $1,193,50 Required A Required B Required Prepare the income statement for the year ended December 31. CHIARA COMPANY Income Statement For Year Ended December 31 omework 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 $221,220) 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 $221,220.] 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 11 of 12 11 of 12 0 0 $ 0 0 0 $ 0 11 of 12 Next >