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its (1) income statement and (2) statement of owner's equity fm

its (1) income statement and (2) statement of owner's equity fm

FINANCIAL ACCOUNTING
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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QS 4-10 Preparing financial statements C2 Use the following adjusted trial balance of Sierra Company to prepare its (1) income statement and (2) statement of owner's equity for the year ended December 31. The H. Sierra, Capital account balance was $10.500 on December 31 of the prior year. Account Title Deblt Credit Cash $5,000 Prepaid insurance Notes receivable (due in 5 years) Buldings 500 4,000 20,000 $12,000 Accumulated depreciation-Buildings Accounts payable Notes payable (due in 3 years) H. Sierra, Capital H. Sierra, Withdrawals Consulting revenue Wages expense Depreciation expense-Buildings 2,500 3,000 10,500 1,000 9,500 3,500 2,000 1,500 $37,500 $37,500 Insurance expense Totals
Transcribed Image Text:QS 4-10 Preparing financial statements C2 Use the following adjusted trial balance of Sierra Company to prepare its (1) income statement and (2) statement of owner's equity for the year ended December 31. The H. Sierra, Capital account balance was $10.500 on December 31 of the prior year. Account Title Deblt Credit Cash $5,000 Prepaid insurance Notes receivable (due in 5 years) Buldings 500 4,000 20,000 $12,000 Accumulated depreciation-Buildings Accounts payable Notes payable (due in 3 years) H. Sierra, Capital H. Sierra, Withdrawals Consulting revenue Wages expense Depreciation expense-Buildings 2,500 3,000 10,500 1,000 9,500 3,500 2,000 1,500 $37,500 $37,500 Insurance expense Totals
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