Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
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 Credit Debit $ 30,000 52,000 18,000 168,000 16,000 168,000 $ 50,000 130.000 18,000 78,000 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-tern notes payable Common stock Retained earnings Dividends Services revenue Interest revenue Depreciation expense-Automobiles Depreciation expense-Equipment Salaries expense Hages expense Interest expense office supplies expense Advertising expense Repairs expense automobiles Total 96,000 200,000 19,000 30,000 138, 20,00 235,800 45,000 484,00 24,000 26,00 18, 288.00 20,000 32,000 34. 58,000 24.100 33, 134,00 51,134, 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 31Note Retained Earnings at December 31 of 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 Required Required Prepare the income statement for the year anded December 31, CHIARA COMPANY Income Statement For Year Ended December 31 484,00 24,000 Vanus 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 26,00 11,00 188 40.000 32.000 3400 SHO | HAN) 5 114,00 1,134, 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 $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 Required > The adjusted trial balance for Chiara Company as of December 31 follows. Credit Debit $ 30,000 52.000 1,000 168,000 16, 168,000 $50,000 138,00 18,000 78,000 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 Common stock Retained earnings Dividends Services revenue Interest revenue Depreciation expense-Automobiles Depreciation expense-Equipment Salaries expense Wages expense Interest expense bEfice supplies expense Advertising expense Repairs expense-Automobiles Totals 96.00 20,000 19, 30, 138, 20,000 235,80 45, Bee 484,800 24,000 26,000 18,000 188,eee 4,00 32,000 34,00 58, 24,800 5 1,134,800 5.1.234, 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 $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 Ratained Earnings at December 31 of the prior year was $235.800.] CHIARA COMPANY Statement of Retained Earnings For Year Ended December 31 Retained earnings December 31 prior year end Retained earings, December 31 Current year and 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. Credit 1 Debit $30,000 52,000 18,000 168,00 16,000 168,000 $ 50,000 138,00 1.ee 78, 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-ter notes payable Common stock Retained earnings Dividends Services revenue Interest revenue Depreciation expense-Automobiles Depreciation expense-Equipment Salaries expense Hages expense Interest expense Office Supplies expense Advertising expense Repairs expenseAutomobiles Totals 96, 20. Bee 19,00 30,ce 138, 20,00 235, Bee 5 46,000 14,000 24, 25, 18, 188,000 40, 32, 34.ee 58, 20,30 $ 1,134, Bee 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 Eamings at December 31 of 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 Chiara Company's balance sheet as of December 31. CHIARA COMPANY Balance Sheet December 31 $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 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

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Ethical Obligations And Decision Making In Accounting Text And Cases

Authors: Steven Mintz, Roselyn Morris

2nd Edition

0078025281, 9780078025280

More Books

Students also viewed these Accounting questions