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Prepare chiara company's balance sheet as of december 31

30/12/2020 Client: saad24vbs Deadline: 24 Hours

ACG-2022 Financial Statement Project

The adjusted trial balance

for Chiara Company as of

December 31, 2013,

follows:

Debit

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

R. Chiara, Capital

R. Chiara, Withdrawals

Fees Earned

Interest Earned

Depreciation Expense - Automobiles

Depreciation Expense - Equipment

Salaries Expense

Wages Expense

Interest Expense

Office Supplies Expense

Advertising Expense

Repairs Expense - Automobile

Totals


30,000

52,000

18,000

168,000

16,000

168,000

138,000

78,000


46,000


26,000

18,000

188,000

40,000

32,000

34,000

58,000

24,800

$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.

2. Calculate the profit margin for year 2013.



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