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The adjusted trial balance for Chiara Company as of December 31 follows. Debit Credit Cash $ 132,600 Accounts receivable 52,000 Interest receivable 20,000 Notes receivable
The adjusted trial balance for Chiara Company as of December 31 follows. Debit Credit Cash $ 132,600 Accounts receivable 52,000 Interest receivable 20,000 Notes receivable (due in 90 days) 169,000 Office supplies 16,000 Automobiles 174,000 $ 90,000 Accumulated depreciation-Automobiles Equipment 140,000 Accumulated depreciation-Equipment Land 16,000 86,000 101,000 Accounts payable Interest payable Salaries payable 40,000 16,000 Unearned revenue 36,000 Long-term notes payable 156,000 Common stock 29,580 Retained earnings 266, 220 Dividends 52,000 Services revenue Interest revenue 504,000 28,000 Depreciation expense-Automobiles 25,000 Depreciation expense-Equipment 19,000 189,000 Salaries expense Wages expense 45,000 Interest expense 37,200 Office supplies expense 35,800 Advertising expense 58,000 Repairs expense-Automobiles 32,200 Totals $ 1,282,800 $ 1,282,800 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 $266,220.]; 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 C The adjusted trial balance for Chiara Company as of December 31 follows. Debit Credit Cash $ 132,600 Accounts receivable 52,000 Interest receivable 20,000 Notes receivable (due in 90 days) 169,000 Office supplies 16,000 Automobiles 174,000 $ 90,000 Accumulated depreciation-Automobiles Equipment 140,000 Accumulated depreciation-Equipment Land 16,000 86,000 101,000 Accounts payable Interest payable Salaries payable 40,000 16,000 Unearned revenue 36,000 Long-term notes payable 156,000 Common stock 29,580 Retained earnings 266, 220 Dividends 52,000 Services revenue Interest revenue 504,000 28,000 Depreciation expense-Automobiles 25,000 Depreciation expense-Equipment 19,000 189,000 Salaries expense Wages expense 45,000 Interest expense 37,200 Office supplies expense 35,800 Advertising expense 58,000 Repairs expense-Automobiles 32,200 Totals $ 1,282,800 $ 1,282,800 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 $266,220.]; 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 C
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