ACG2022 Financial Statement Project: The adjusted trial balance for Chiara Company

ACG2022 Financial Statement Project

The adjusted trial balance for Chiara Company as of December 31, 2013, 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 depreciation-Automobiles 50,000
Equipment 138,000
Accumulated depreciation-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
R. Chiara, Capital 255,800
R. Chiara, Withdrawals 46,000
Fees earned 484,000
Interest earned 24,000
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-Automobiles 24,800
Totals $1,134,800 $1,134,800

Required:
1. Prepare Chiara Company's income statement for the year ended December 31, 2013. (Omit the $ sign in your response.)
2. Prepare Chiara Company's statement of owner's equity for the year ended December 31, 2013. (Input all amounts as positive values. Omit the $ sign in your response. )
3. Prepare Chiara Company's balance sheet as of December 31, 2013. (Be sure to list the assets and liabilities in order of their liquidity. Input all amounts as positive values. Omit the $ sign in your response.)
4. Calculate the profit margin for year 2013. (Omit the % sign, which is provided for you. Round your answer to 1 decimal place.)
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