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ACG-2022 Financial Statement Project - Chiara Company




Question;ACG-2022 Financial Statement ProjectThe adjusted trial balancefor Chiara Company as ofDecember 31, 2013,follows:DebitCashAccounts ReceivableInterest ReceivableNotes Receivable(due in 90 days)Office SuppliesAutomobilesAccumulated Depreciation - AutomobilesEquipmentAccumulated Depreciation - EquipmentLandAccounts PayableInterest PayableSalaries PayableUnearned FeesLong-term Notes PayableR. Chiara, CapitalR. Chiara, WithdrawalsFees EarnedInterest EarnedDepreciation Expense - AutomobilesDepreciation Expense - EquipmentSalaries ExpenseWages ExpenseInterest ExpenseOffice Supplies ExpenseAdvertising ExpenseRepairs Expense - AutomobileTotals30,00052,00018,000168,00016,000168,000138,00078,00046,00026,00018,000188,00040,00032,00034,00058,00024,800$1,134,800Required:1. Use the information in the adjusted trial balance to prepare (a) the income statement forthe year ended December 31, 2013, (b) the statement of owner?s equity for the yearended December 31, 2013, and (c) the balance sheet as of December 31, 2013.2. Calculate the profit margin for year 2013.


Paper#44281 | Written in 18-Jul-2015

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