Prepare the income statement for the year ended december

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Reference no: EM132217974

Question - The adjusted trial balance for Chiara Company as of December 31, 2017, follows.

	Debit	Credit
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 depreciationâ€"Automobiles		$50,000
Equipment	138,000
Accumulated depreciationâ€"Equipment		18,000
Land	78,000
Accounts payable		96,000
Interest payable		20,000
Salaries payable		19,000
Unearned fees		30,000
Long-term notes payable		138,000
Common stock		20,000
Retained earnings		235,800
Dividends	46,000
Fees earned		484,000
Interest earned		24,000
Depreciation expenseâ€"Automobiles	26,000
Depreciation expenseâ€"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 Automobiles	24,800
Totals	$1,134,800	$1,134,800

Required:

(a) Prepare the income statement for the year ended December 31, 2017.

(b) Prepare the statement of retained earnings for the year ended December 31, 2017.

Reference no: EM132217974

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