29 Jun uestion ACG-2022 Financial Statement Project
uestion
ACG-2022 Financial Statement Project
The adjusted trial balance for Chiara Company as of December 31, 2013, follows:
Debit
Cash
30,000
Accounts Receivable
52,000
Interest Receivable
18,000
Notes Receivable(due in 90 days)
168,000
Office Supplies
16,000
Automobiles
168,000
Accumulated Depreciation – Automobiles
Equipment
138,000
Accumulated Depreciation – Equipment
Land
78,000
Accounts Payable
Interest Payable
Salaries Payable
Unearned Fees
Long-term Notes Payable
R. Chiara, Capital
R. Chiara, Withdrawals
46,000
Fees Earned
Interest Earned
Depreciation Expense – Automobiles
26,000
Depreciation Expense – Equipment
18,000
Salaries Expense
188,000
Wages Expense
40,000
Interest Expense
32,000
Office Supplies Expense
34,000
Advertising Expense
58,000
Repairs Expense – Automobile
24,800
Totals
$1,134,800
Required:
1. Use the information in the adjusted trial balance to prepare (a) the income statement for the year ended December 31, 2013; (b) the statement of owner’s equity for the year ended December 31, 2013; and (c) the balance sheet as of December 31, 2013.
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