1) Income statement for the eyar ended december 312) Statement of Owners Equity for the year ended December 31 Required informationUse the following information for Quick Studies below.[The following information applies to the questions displayed below.]The following is the adjusted trial balance of Sierra Company.Account TitleDebitCredit$19,0001,2005,40055,000CashPrepaid insuranceNotes receivable (due in 5 years)BuildingsAccumulated depreciation-BuildingsAccounts payableNotes payable (due in 3 years)H. Sierra, Capital$19,0006,0006,50021,000H. Sierra, WithdrawalsConsulting revenueWages expenseDepreciation expense-BuildingsInsurance expense4,50044,5004,2005,5002,200Totals$97,000 $97,000QS 4-10 Preparing financial statements LO C2Required(1) Prepare an income statement for the year ended December 31.(2) Prepare a statement of owner's equity for the year ended December 31.Complete this question by entering your answers in the tabs below.Required 1Required 2Prepare a statement of owner's equity for the year ended December 31. Owner made no investments during the currentperiod.

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Description: 1) Income statement for the eyar ended december 312) Statement of Owners Equity for the year ended December 31 Required informationUse the following information for Quick Studies below.[The following information applies to the questions displayed bel

Income statement represents all the expenditures and income made during the year. it gives an idea…

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1) Income statement for the eyar ended december 31 2) Statement of Owners Equity for the year ended December 31

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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