Problem 3-4A (Static) Preparing financial statements from the adjusted trial balance LO P5 The adjusted trial balance for Chiara Company as of December 31 follows Cash Accounts receivable Interest receivable Notes receivable (dum in a days) office toplies Automobiles Accumulated depreciation Automobiles Equipment Accumulated depreciation Equipment Land Accounts payable Interest payable Salariek payable Unearned revenue Long ter notes payable Common stock Retained earnings Dividend Services revenue Interest revenue Depreciation expense-Automobiles Depreciation expequipment Salaries expense es expense Interest expense Office supplies expense Advertising expense Repairs expense-Automobiles Totals Debit Credit $ 0.00 $2,000 18, 16, 16.00 168,000 $50.000 118.000 15. 78.000 96, 20,000 19,00 30,000 13, 20,000 235,00 45,000 . 20.00 26, 18.00 188,000 40,000 32.00 30,00 58,000 24.800 $ 1,134,85 1,134,00 Required: Use the information in the adjusted tral balance to prepare (a) the income statement for the year ended Dember 31, (b) the statement of retained earnings for the year ended December 31 (Note Retained Earnings at December 31d the prior year was $235.800.); 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 31 484,000 24,00 Services revenue Interest revenue Depreciation expense-Automobiles Depreciation expense-Equipment Salaries expense Hages expense Interest expense Office supplies expense Advertising expense Repairs expense-Automobiles Totals 25, 18,000 188,000 40,000 32,000 34,00 58.ba 24, $ 1,134,800 $1,134,80 Required: Use the information in the adjusted trial balance to prepare (a) the income statement for the year ended Decembe statement of retained earnings for the year ended December 31[Note: Retained Earnings at December 31 of the $235.800.); 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 0 Required B > 96, eBo 20, eee 19,000 Be, Bee 138,000 2e, en 235,800 46,800 Lano Accounts payable Interest payable Salaries payable Unearned revenue Long-term notes payable Common stock Retained earnings Dividends 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 484,000 24,800 26,000 18,000 188,000 40,000 32,000 34,800 58,000 24 888 $1,134,800 $ 1,134,800 Required: Use the information in the adjusted trial balance to prepare (a) the income statement for the statement of retained earnings for the year ended December 31 Note: Retained Earnings at $235.800.); 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 E prior year was $235,800.) CHIARA COMPANY Statement of Retained Earnings For Year Ended December 31 Retained earnings. December 31 prior year end 0 0 Retained earings, December 31 current year end Required: Use the information in the adjusted trial balance to prepare (a) the income statement for the year ended December 31 statement of retained earnings for the year ended December 31 (NoteRetained Earnings at December 31 of the prior $235,800.); 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 Prepare Chiara Company's balance sheet as of December 31. CHIARA COMPANY Balance Sheet December 31 0 5 0 0 5 0