Question
Set forth below is Chiara Company's adjusted trial balance as of December 31, 2015. Debit Credit Money ps 36,200 accounts receivable 50,000 interest receivable 23,000
| Set forth below is Chiara Company's adjusted trial balance as of December 31, 2015. |
| Debit | Credit | |||||||||||||
| Money | ps | 36,200 | ||||||||||||
| accounts receivable | 50,000 | |||||||||||||
| interest receivable | 23,000 | |||||||||||||
| Notes receivable (maturity in 90 days) | 169,500 | |||||||||||||
| Office supplies | 17,000 | |||||||||||||
| automobiles | 171,000 | |||||||||||||
| Accumulated Depreciation—Automobiles | ps | 55,000 | ||||||||||||
| Equipment | 144.000 | |||||||||||||
| Accumulated Depreciation—Equipment | 21,000 | |||||||||||||
| Tierra | 86,000 | |||||||||||||
| Accounts payable | 96,000 | |||||||||||||
| interest to pay | 20,000 | |||||||||||||
| Salaries to pay | 18,000 | |||||||||||||
| unearned fees | 34,000 | |||||||||||||
| Long-term notes payable | 144.000 | |||||||||||||
| Common actions | 49,160 | |||||||||||||
| Retained earnings | 196,640 | |||||||||||||
| dividends | 50,000 | |||||||||||||
| earned fees | 514,000 | |||||||||||||
| interest earned | 30,000 | |||||||||||||
| Depreciation Expense—Automobiles | 25,000 | |||||||||||||
| Depreciation Expense—Equipment | 18,000 | |||||||||||||
| salary expenses | 186,000 | |||||||||||||
| salary expenses | 44.000 | |||||||||||||
| Interest expenses | 33,400 | |||||||||||||
| office supplies expenses | 33,600 | |||||||||||||
| advertising expenses | 61,500 | |||||||||||||
| Repair Expenses—Automobiles | 29,600 | |||||||||||||
| Totals | ps | 1,177,800 | ps | 1,177,800 | ||||||||||
| ||||||||||||||
Step by Step Solution
3.40 Rating (144 Votes )
There are 3 Steps involved in it
Step: 1
1a Income Statement for the year ended December 31 2015 Revenues Earned Fees 514000 Interest Earned ...
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
Fundamental accounting principle
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
21st edition
1259119831, 9781259311703, 978-1259119835, 1259311708, 978-0078025587
