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:
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Write My Essay For Me1. 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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