The adjusted trial balance for Chiara Company as of December 31, 2016, follows

The adjusted trial balance for Chiara Company as of December 31, 2016, follows. Required Use the information in the adjusted trial balance to prepare (a) the income statement for the year ended December 31, 2016; (b) the statement of retained earnings for the year ended December 31, 2016; and (c) the balance sheet as of December 31, 2016.
Compute the profit margin for year 2016 (use total revenues as the denominator).

On the balance sheet, the net fixed assets (NFA) account is equal to the gross fixed assets

On the balance sheet, the net fixed assets (NFA) account is equal to the gross fixed assets (FA) account (which records the acquisition cost of fixed assets) minus the accumulated depreciation (AD) account (which records the total depreciation taken by the firm against its fixed assets). Using the fact that NFA = FA − AD, show that the expression given in the chapter for net capital spending, NFAend − NFAbeg + D (where D is the depreciation expense during the year), is equivalent to FAend − FAbeg.

Fundamentals of Corporate Finance ROSS, 11e

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