Financial Statement Project

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

Need Help Writing an Essay?

Tell us about your assignment and we will find the best writer for your paper.

Write My Essay For Me

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.