Question

The adjusted trial balance for Chiara Company as of December 31, 2013, follows. Debit Credit Cash $ 44,000 Accounts receivable 66,000 Interest receivable 25,000 Notes receivable (due in 90 days) 182,000 Office supplies 23,000 Automobiles 196,000 Accumulated depreciation—Automobiles $ 64,000 Equipment 166,000 Accumulated depreciation—Equipment 32,000 Land 92,000 Accounts payable 166,000 Interest payable 24,200 Salaries payable 26,000 Unearned fees 44,000 Long-term notes payable 145,000 Common stock 20,000 Retained earnings 249,800 Dividends 53,000 Fees earned 512,000 Interest earned 38,000 Depreciation expense—Automobiles 33,000 Depreciation expense—Equipment 25,000 Salaries expense 202,000 Wages expense 54,000 Interest expense 33,400 Office supplies expense 35,400 Advertising expense 65,000 Repairs expense—Automobiles 26,200 Totals $ 1,321,000 $ 1,321,000 1(a) Prepare income statement for the year ended December 31, 2013 1(b)Prepare statement of retained earnings for the year ended December 31, 2013. 1(c)Prepare Chiara Company’s balance sheet as of December 31, 2013



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