Please do not give solution in image format thanku Required:Use the information in the adjusted trial balance to prepare (a) the income statement for the year ended December 31, (b) thestatement of retained earnings for the year ended December 31 [Note: Retained Earnings at December 31 of the prior year was$239.220); and (c) the balance sheet as of December 31. Problem 3-4A (Algo) Preparing financial statements from the adjusted trial balance LO P5The adjusted trial balance for Chiara Company as of December 31 follows.CashAccounts receivableInterest receivableNotes receivable (due in 90 days)Office suppliesAutomobilesAccumulated depreciation-AutomobilesEquipmentAccumulated depreciation-EquipmentLandAccounts payableInterest payable.Salaries payableUnearned revenueLong-term notes payableCommon stockRetained earningsDividendsServices revenueInterest revenueDepreciation expense-AutomobilesDepreciation expense-EquipmentSalaries expenseWages expenseInterest expenseOffice supplies expenseAdvertising expenseRepairs expense-AutomobilesTotalsDanciranDebit$ 133,70055,000.23,000172,50015,500168,000146,00080,00051,00025,50021,000187,00047,00033,60033,60059,00025,400$ 1,276,800Credit$ 65,00019,000100,00040,00025,00034,000148,00026,580239,220544,00036,000$ 1,276,800

Financial statements is the one prepared by the companies to depict their financial performance and…

Required: Use the information in the adjusted trial balance to prepare (a) the income statement for the year ended December 31, (b) the statement of retained earnings for the year ended December 31 [Note: Retained Earnings at December 31 of the prior year was $239.220); and (c) the balance sheet as of December 31.

Required: Use the information in the adjusted trial balance to prepare (a) the income statement for the year ended December 31, (b) the statement of retained earnings for the year ended December 31 [Note: Retained Earnings at December 31 of the prior year was $239.220); and (c) the balance sheet as of December 31.

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter4: Completing The Accounting Cycle

Section: Chapter Questions

Problem 4.5EX: Income statement The following account balances were taken from the adjusted trial balance for...

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