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The adjusted trial balance for Chiara Company as of December 31 follows. Debit Credit Cash $...

The adjusted trial balance for Chiara Company as of December 31 follows.

Debit Credit
Cash $ 164,100
Accounts receivable 55,500
Interest receivable 20,200
Notes receivable (due in 90 days) 170,000
Office supplies 16,500
Automobiles 168,000
Accumulated depreciation—Automobiles $ 95,000
Equipment 138,000
Accumulated depreciation—Equipment 24,000
Land 83,000
Accounts payable 100,000
Interest payable 20,000
Salaries payable 22,000
Unearned fees 38,000
Long-term notes payable 150,000
R. Chiara, Capital 285,800
R. Chiara, Withdrawals 55,000
Fees earned 554,000
Interest earned 22,000
Depreciation expense—Automobiles 28,000
Depreciation expense—Equipment 21,000
Salaries expense 186,000
Wages expense 43,000
Interest expense 35,600
Office supplies expense 35,600
Advertising expense 65,500
Repairs expense—Automobiles 25,800
Totals $ 1,310,800 $ 1,310,800

Required:
1(a)
Prepare the income statement for the year ended December 31.
1(b) Prepare the statement of owner's equity for the year ended December 31. [Note: R. Chiara, Capital at Dec. 31 of the prior year was $285,800.]
1(c) Prepare Chiara Company's balance sheet as of December 31.
  

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ReportAnswer #1

1a

Income Statement
Revenues:
Fees earned $554,000
Interest earned $22,000
Total revenues $576,000
Expenses:
Depreciation expense—Automobiles $28,000
Depreciation expense—Equipment $21,000
Salaries expense $186,000
Wages expense $43,000
Interest expense $35,600
Office supplies expense $35,600
Advertising expense $65,500
Repairs expense—Automobiles $25,800
Total expenses $440,500
Net income $135,500

1b

Statement of Owner's Equity
R. Chiara, Capital, Beginning Balance $285,800
Add: net income $135,500
(Less): Withdrawals ($55,000)
R. Chiara, Capital, Ending balance $366,300

1c

Balance Sheet
Assets Liabilities and Owner's Equity
Cash $164,100 Accounts payable $100,000
Accounts receivable $55,500 Interest payable $20,000
Interest receivable $20,200 Salaries payable $22,000
Notes receivable (due in 90 days) $170,000 Unearned fees $38,000
Office supplies $16,500 Long-term notes payable $150,000
Automobiles $168,000 Total liabilities $330,000
Accumulated depreciation—Automobiles ($95,000)
Equipment $138,000 Owner's Equity:
Accumulated depreciation—Equipment ($24,000) R. Chiara, Capital $366,300
Land $83,000
Total assets $696,300 Total liabilities and Owner's Equity $696,300
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