(The following information applies to the questions displayed below] The adjuste

Question

(The following information applies to the questions displayed below] The adjusted trial balance for Chiara Company as of December 31, 2013, follows. Debit Credit Cash Accounts recelvable Interest receivable Notes recelvable (due in 90 days) Office supplies Automoblles Accumulated depreciation-Automobiles Equipment Accumulated depreciation-Equipment Land Accounts payable Interest payable Salaries payable Unearned fees Long-term notes payable Common stock Retained earnings Dividends Fees earned Interest earned Depreciation expense-Automobiles Depreciation expense-Equipment Salaries expense Wages expense Interest expense Office supplies expense Advertising expense Repairs expense-Automobiles $45,000 67,000 25,500 183,000 23,500 198,000 $65,000 168,000 33,000 93,000 171,000 24,500 26,500 45,000 145,500 20,500 250,800 53,500 514,000 39,000 33,500 25,500 203,000 55,000 33,500 35,500 65,500 26,300 Totals $1,334,300 $1,334,300

Explanation / Answer

Income statement Revenue Fees earned 514000 Interest earned 39000 Total revenue 553000 ;less:expense Depreciation expense -equipment 25500 Depreciation expense -automobiles 33500 salaries 203000 wage expense 55000 interest expense 33500 office supplies expense 35500 Advertising expense 65500 Repair expense-automobiles 26300 Total expense (477800) net income 75200 statement of retained earning beginning balance 250800 Net income 75200 326000 Les:dividend (53500) Retained earning at end 272500 Balance sheet Asset cash 45000 Accounts receivable 67000 Interest receivable 25500 Note receivable (90 days) 183000 office supplies 23500 Automobiles 198000 less:Accumulated depreciation-automobiles (65000) 133000 Equipment 168000 less:Accumulated depreciation-equipment (33000) 135000 lAND 93000 Total asset 705000 Liabilities Accounts payable 171000 Interest payable 24500 salaries payable 26500 unearned fee 45000 long term payable 145500 Total liabilities 412500 stockholders equity common stock 20000 Retained earning 272500 Total stockholders equity 292500 Total liabilities and stockholders equity 705000

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