The adjusted trial balance for Chiara Company as of December 31 follows. Credit $ Debit 124,200 51,500 21,600 172,500 16,500 168,000 $ 55,000 146,000 17,000 86,000 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 fees Long-term notes payable Common stock Retained earnings Dividends Fees earned Interest earned Depreciation expense-Automobiles Depreciation expense-Equipment Salaries expense Wages expense Interest expense Office supplies expense Advertising expense Repairs expense-Automobiles Totals 92,000 30,000 19,000 38,000 142,000 30,580 275, 220 51,000 544,000 24,000 27,000 22,000 185,000 40,000 36,000 33,600 59,500 26,400 $1,266,800 $1,266,800 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 $275,220); 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 Prepare the income statement for the year ended December 31. Complete this question by entering your answers in the tabs below. Required A Required B Required C Prepare the income statement for the year ended December 31. CHIARA COMPANY Income Statement For Year Ended December 31 Required A Required B > 30,000 19,000 38,000 142,000 30,580 275, 220 51,000 544,000 24,000 Interest payable Salaries payable Unearned fees Long-term notes payable Common stock Retained earnings Dividends Fees earned Interest earned Depreciation expense-Automobiles Depreciation expense-Equipment Salaries expense Wages expense Interest expense Office supplies expense Advertising expense Repairs expense-Automobiles Totals 27,000 22,000 185,000 40,000 36,000 33,600 59,500 26,400 $1,266,800 $1,266,800 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 $275,220]; 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 Prepare the statement of retained earnings for the year ended December 31. [Note: Retained Earnings at December 31 of the prior year was $275,220.] CHIARA COMPANY Statement of Retained Earnings For Year Ended December 31 Retained earnings, Dec.31 prior year end Retained earnings, Dec. 31 current year end Required A Required c > Prepare Chiara Company's balance sheet as of December 31. CHIARA COMPANY Balance Sheet December 31 Required B Required )
