Answer Happy

The adjusted trial balance for Chiara Company as of December 31 follows. 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 revenue Long-term notes payable Common stock Retained earnings Dividends Services revenue Interest revenue Depreciation expense-Automobiles Depreciation expense-Equipment Salaries expense Wages expense Interest expense Office supplies expense Advertising expense Repairs expense-Automobiles Totals Required A Debit $ 169,700 55,500 21,000 170,000 Required B 16,500 173,000 140,000 Required C 88,000 52,000 26,000 20,000 184,000 43,000 34,800 35,800 61,500 27,000 $ 1,317,800 Complete this question by entering your answers in the tabs below. Credit Prepare the income statement for the year ended December 31. CHIARA COMPANY $ 60,000 25,000 Required: Use the information in the adjusted trial balance to prepare (a) the income statement for th statement of retained earnings for the year ended December 31 [Note: Retained Earnings i $275,220.); and (c) the balance sheet as of December 31. 98,000 25,000 16,000 30,000 152,000 30,580 275,220 584,000 22,000 $ 1,317,800