BriGuyHigh
Sep 15, 2015, 05:13 PM
I'm really confused and bad at doing this, and I need major help
Problem 3-5A Preparing financial statements from theadjusted trial balance and calculating profit margin LO P3, A1, A2
[The following information applies to the questionsdisplayed below.]
The adjusted trial balance for Chiara Company as of December31, 2013, follows.
Debit Credit
Cash $ 50,000
Accountsreceivable 72,000
Interestreceivable 28,000
Notes receivable(due in 90 days) 188,000
Office supplies 26,000
Automobiles 208,000
Accumulateddepreciation—Automobiles $70,000
Equipment 178,000
Accumulateddepreciation—Equipment 38,000
Land 98,000
Accounts payable 196,000
Interestpayable 26,000
Salariespayable 29,000
Unearned fees 50,000
Long-term notespayable 148,000
Common stock 20,000
Retainedearnings 255,800
Dividends 56,000
Fees earned 524,000
Interest earned 44,000
Depreciationexpense—Automobiles 36,000
Depreciationexpense—Equipment 28,000
Salariesexpense 208,000
Wages expense 60,000
Interestexpense 34,000
Office suppliesexpense 36,000
Advertisingexpense 68,000
Repairsexpense—Automobiles 26,800
Totals $1,400,800 $ 1,400,800
Problem 3-5A Preparing financial statements from theadjusted trial balance and calculating profit margin LO P3, A1, A2
[The following information applies to the questionsdisplayed below.]
The adjusted trial balance for Chiara Company as of December31, 2013, follows.
Debit Credit
Cash $ 50,000
Accountsreceivable 72,000
Interestreceivable 28,000
Notes receivable(due in 90 days) 188,000
Office supplies 26,000
Automobiles 208,000
Accumulateddepreciation—Automobiles $70,000
Equipment 178,000
Accumulateddepreciation—Equipment 38,000
Land 98,000
Accounts payable 196,000
Interestpayable 26,000
Salariespayable 29,000
Unearned fees 50,000
Long-term notespayable 148,000
Common stock 20,000
Retainedearnings 255,800
Dividends 56,000
Fees earned 524,000
Interest earned 44,000
Depreciationexpense—Automobiles 36,000
Depreciationexpense—Equipment 28,000
Salariesexpense 208,000
Wages expense 60,000
Interestexpense 34,000
Office suppliesexpense 36,000
Advertisingexpense 68,000
Repairsexpense—Automobiles 26,800
Totals $1,400,800 $ 1,400,800