Solution-Calculate the profit margin for year 2013

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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Calculate the profit margin for year 2013

Reference no: EM13555764

Reference no: EM13555764

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