The adjusted trial balance for Chiara Company as of December 31 follows. Debit Credit Cash $ 157,200 Accounts receivable 51,500 Interest receivable 18,600 Notes receivable (due...

4.0 Ratings (579 Votes)

Income statement

Revenue
Fees earned	574000
Interest earned	28000
Total revenue		602000
Expense
Depreciation expense—Automobiles	27000
Depreciation expense—Equipment	21500
Salaries expense	190000
wages expense	44000
Interest expense	34200
Office supplies expense	35600
Advertising expense	61500
Repairs expense—Automobiles	26200
Total expense		440000
Net income		162000

Statement of retained earnings

Beginning retained earnings	248220
Add: Net income	162000
Less: Dividend	-53000
Ending retained earnings	357220

Balance Sheet

Assets
Current assets
Cash		157200
Account receivable		51500
Interest receivable		18600
Notes receivable (due in 90 days)		171500
Office supplies		16000
Total Current assets			414800
Non Current assets
Automobile	168000
Less: Accumulated depreciation—Automobiles	-55000	113000
Equipment	140000
Less:Accumulated depreciation—Equipment	-27000	113000
Land		81000
Total Non Current assets			307000
Total Assets			721800
Liabilities and stockholder's equity
Current liabilities
Account payable		96000
Interest payable		25000
Salaries payable		26000
Unearned fees		36000
Total Current liabilities			183000
Long term liabilities
Long-term notes payable			154000
Total liabilities			337000
Stockholder;s equity
Common Stock		27580
Retained earnings		357220
Total Stockholder's equity			384800
Total liabilities and stockholder's equity			721800

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Other questions asked by students

	Debit		Credit
Cash	$	157,200
Accounts receivable		51,500
Interest receivable		18,600
Notes receivable (due in 90 days)		171,500
Office supplies		16,000
Automobiles		168,000
Accumulated depreciation—Automobiles			$	55,000
Equipment		140,000
Accumulated depreciation—Equipment				27,000
Land		81,000
Accounts payable				96,000
Interest payable				25,000
Salaries payable				26,000
Unearned fees				36,000
Long-term notes payable				154,000
Common stock				27,580
Retained earnings				248,220
Dividends		53,000
Fees earned				574,000
Interest earned				28,000
Depreciation expense—Automobiles		27,000
Depreciation expense—Equipment		21,500
Salaries expense		190,000
Wages expense		44,000
Interest expense		34,200
Office supplies expense		35,600
Advertising expense		61,500
Repairs expense—Automobiles		26,200
Totals	$	1,296,800	$	1,296,800