Adjusted Trial Balance for Chiara Company Assignment – Top Universities

 Top Universities

The adjusted trial balance for Chiara Company as of December 31, 2017, follows Debit Credit Cash 133,900 55,000 Accounts receivable Interest receivable 20,000 Notes receivable (due in 90 days) Office supplies 171,000 17,000 172,000 Automobiles Accumulated depreciation-Automobiles Equipment Accumulated depreciation-Equipment Land 50,000 142,000 26,000 83,000 Accounts payable Interest payable Salaries payable 92,000 35,000 17,000 Unearned fees 42,000 156,000 28,580 257,220 Long-term notes payable

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Common stock Retained earnings Dividends 50,000 Fees earned 534,000 Interest earned 36,000 Depreciation expense-Automobiles Depreciation expense-Equipment Salaries expense 25,000 18,000 186,000 42,000 34,000 34,800 60,500 29,600 Wages expense Interest expense Office supplies expense Advertising expense Repairs expense-Automobiles $1,273,800 $1,273,800 Totals Required: 1(a) Prepare the income statement for the year ended December 31, 2017 1(b) Prepare the statement of retained earnings for the year ended December 31, 2017. 1(c) Prepare Chiara Company's balance sheet as of December 31, 2017.

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