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ACG-2022 Financial Statement Project

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Question;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.;2. Calculate the profit margin;for year 2013.

 

Paper#44000 | Written in 18-Jul-2015

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