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Tutorial   14389

The adjusted trial balance for Clarita Company as of December 31, 2009, follows. Debit Credit Cash $118,000 Accounts receivable 53,000 Intere...

Question:

The adjusted trial balance for Clarita Company as of December 31, 2009, follows.

                                                                                                Debit                     Credit

Cash                                                                                      $118,000             

Accounts receivable                                                       53,000  

Interest receivable                                                         19,600  

Notes receivable (due in 90 days)                            172,500

Office supplies                                                                 16,500  

Automobiles                                                                     172,000

Accumulated depreciation—Automobiles                                         $85,000 

Equipment                                                                         144,000

Accumulated depreciation—Equipment                                                             21,000 

Land                                                                                      80,000  

Accounts payable                                                                                           100,000 

Interest payable                                                                                             15,000 

Salaries payable                                                                                                              17,000 

Unearned fees                                                                                                 40,000 

Long-term notes payable                                                                            152,000 

S. Clarita, Capital                                                                                            325,800 

S. Clarita, Withdrawals                                                  50,000  

Fees earned                                                                                                      474,000 

Interest earned                                                                                                               38,000 

Depreciation expense—Automobiles                   26,000  

Depreciation expense—Equipment                       20,000  

Salaries expense                                                             188,000

Wages expense                                                                                47,000  

Interest expense                                                             34,600  

Office supplies expense                                                              34,600  

Advertising expense                                                      64,000  

Repairs expense—Automobiles                                               28,000  

Totals                                                                                    $1,267,800           $1,267,800

Requirements:

1)            Prepare Clarita Company\'s income statement for the year ended December 31, 2009.

2)            Prepare Clarita Company\'s statement of owner\'s equity for the year ended December 31, 2009.

3)            Prepare Clarita Company\'s balance sheet as of December 31, 2009.

4)            Calculate the profit margin for year 2009.

ATTACHMENTS
problem_3-5a.xlsx