Please do not give solution in image format thanku Required InformationUse the following information for Quick Studies below. (Algo)[The following information applies to the questions displayed below.]The following is the adjusted trial balance of Sierra Company.Sierra CompanyAdjusted Trial BalanceDecember 31Account TitleCashPrepaid insuranceNotes receivable (due in 5 years)BuildingsAccumulated depreciation-BuildingsAccounts payableNotes payable (due in 3 years)Common stockRetained earningsDividendsConsulting revenueWages expenseDepreciation expense-BuildingsInsurance expenseTotalsDebit$ 29,0001,7006,40080,0007,0004,7008,0002,700$ 139,500SIERRA COMPANYIncome Statement< Required 1Required 1 Required 2Prepare an income statement for the year ended December 31.CreditQS 3-30 (Algo) Preparing an income statement & statement of retained earnings LO C2$$ 24,0008,5009,0001) Prepare an income statement for the year ended December 31.2) Prepare a statement of retained earnings for the year ended December 31. The Retained earnings account balance was $10,500 onDecember 31 of the prior year.18,00010,500Complete this question by entering your answers in the tabs below.0069,500$ 139,500Required 2 > Use the information in the adjusted trial balance to prepare Sierra Company's classified balance sheet as of December 31.Total equitySIERRA COMPANYBalance SheetDecember 31$000

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Description: Please do not give solution in image format thanku Required InformationUse the following information for Quick Studies below. (Algo)[The following information applies to the questions displayed below.]The following is the adjusted trial balance of Si

INCOME STATEMENTIncome Statement is one of the Important Financial Statements of the company. Income…

Business

Accounting

Required Information Use the following information for Quick Studies below. (Algo) [The following information applies to the questions displayed below.] The following is the adjusted trial balance of Sierra Company. Sierra Company Adjusted Trial Balance December 31 Account Title Cash Prepaid insurance Notes receivable (due in 5 years) Buildings Accumulated depreciation-Buildings Accounts payable Notes payable (due in 3 years) Common stock Retained earnings Dividends Consulting revenue Wages expense Depreciation expense-Buildings Insurance expense Totals Debit $ 29,000 1,700 6,400 80,000 7,000 4,700 8,000 2,700 $ 139,500 SIERRA COMPANY Income Statement Credit $ 24,000 8,500 9,000 Required 1 Required 2 Prepare an income statement for the year ended December 31. 18,000 10,500 69,500 QS 3-30 (Algo) Preparing an income statement & statement of retained earnings LO C2 $ 139,500 1) Prepare an income statement for the year ended December 31. 2) Prepare a statement of retained earnings for the year ended December 31. The Retained earnings account balance was $10,500 on December 31 of the prior year. Complete this question by entering your answers in the tabs below.

Required Information Use the following information for Quick Studies below. (Algo) [The following information applies to the questions displayed below.] The following is the adjusted trial balance of Sierra Company. Sierra Company Adjusted Trial Balance December 31 Account Title Cash Prepaid insurance Notes receivable (due in 5 years) Buildings Accumulated depreciation-Buildings Accounts payable Notes payable (due in 3 years) Common stock Retained earnings Dividends Consulting revenue Wages expense Depreciation expense-Buildings Insurance expense Totals Debit $ 29,000 1,700 6,400 80,000 7,000 4,700 8,000 2,700 $ 139,500 SIERRA COMPANY Income Statement Credit $ 24,000 8,500 9,000 Required 1 Required 2 Prepare an income statement for the year ended December 31. 18,000 10,500 69,500 QS 3-30 (Algo) Preparing an income statement & statement of retained earnings LO C2 $ 139,500 1) Prepare an income statement for the year ended December 31. 2) Prepare a statement of retained earnings for the year ended December 31. The Retained earnings account balance was $10,500 on December 31 of the prior year. Complete this question by entering your answers in the tabs below.

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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