ACG-2022 Financial Statement Project

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Description

ACG-2022
Financial Statement Project

The adjusted trial
balance for Chiara Company as of December 31, 2013, follows:

Debit

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
Depreciation – Automobiles

Equipment

138,000

Accumulated
Depreciation – Equipment

Land

78,000

Accounts Payable

Interest Payable

Salaries Payable

Unearned Fees

Long-term Notes
Payable

R. Chiara, Capital

R. Chiara, Withdrawals

46,000

Fees Earned

Interest Earned

Depreciation Expense –
Automobiles

26,000

Depreciation Expense –
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 –
Automobile

24,800

Totals

$1,134,800

Required:

1. Use the information in the adjusted trial
balance to prepare (a) the income statement for the year ended December 31,
2013; (b) the statement of owner’s equity for the year ended December 31, 2013;
and (c) the balance sheet as of December 31, 2013.

2. Calculate the profit margin
for year 2013.

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