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Calculate the profit margin for year 2013

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Reference no: EM13555764

Preparing financial statements from the adjusted trial balance and calculating profit margin LO P3, A1, A2

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%u2014Automobiles


$ 50,000
Equipment
138,000



Accumulated depreciation%u2014Equipment



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%u2014Automobiles
26,000



Depreciation expense%u2014Equipment
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%u2014Automobiles
24,800






Totals $ 1,134,800
$ 1,134,800



references

1(c) Prepare Chiara Company's the balance sheet as of December 31, 2013.

2. Calculate the profit margin for year 2013

Reference no: EM13555764

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