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The adjusted trial balance for Chiara Company as of December 31 follows. Cash Accounts receivable Interest receivable Debit Credit $ 133,000 52,500 21,600 Notes
The adjusted trial balance for Chiara Company as of December 31 follows. Cash Accounts receivable Interest receivable Debit Credit $ 133,000 52,500 21,600 Notes receivable (due in 90 days) Office supplies Automobiles Accumulated depreciation-Automobiles Equipment Accumulated depreciation-Equipment Land Accounts payable Interest payable Salaries payable 170,000 15,500 174,000 $ 90,000 138,000 27,000 83,000 101,000 35,000 26,000 Unearned fees 34,000 Long-term notes payable 148,000 Common stock 24,580 Retained earnings 221,220 Dividends 47,000 Fees earned 544,000 Interest earned 26,000 Depreciation expense-Automobiles 25,000 Depreciation expense-Equipment 20,000 Salaries expense 192,000 Wages expense Interest expense Office supplies expense Advertising expense 44,000 35,800 33,400 61,000 Repairs expense-Automobiles Totals 31,000 $1,276,800 $1,276,800 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 $221,220]; and (c) the balance sheet as of December 31.
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