ACG-2022 Financial Statement Project
The adjusted trial balance
for Chiara Company as of
December 31, 2013,
Notes Receivable(due in 90 days)
Accumulated Depreciation – Automobiles
Accumulated Depreciation – Equipment
Long-term Notes Payable
R. Chiara, Capital
R. Chiara, Withdrawals
Depreciation Expense – Automobiles
Depreciation Expense – Equipment
Office Supplies Expense
Repairs Expense – Automobile
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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