Sierra Company Adjusted Trial Balance December 31 Account Title Debit Credit Cash $ 33,000 Prepaid insurance 1,900 6,800 Notes receivable (due in 5 years) Buildings 90,000 Accumulated depreciation-Buildings Accounts payable $ 26,000 9,500 Notes payable (due in 3 years) 10,000 L. Sierra, Capital 31,500 L. Sierra, Withdrawals 8,000 79,500 Consulting revenue Wages expense 4,900 9,000 Depreciation expense-Buildings Insurance expense 2,900 Totals $ 156,500 $ 156,500 (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. The L. Sierra, Capital account balance was $31,500 on December 31 of the prior year, and there are no owner investments during the current year. Complete this question by entering your ans= below. Required 1. Required 2 Prepare a statement of owner's equity for the year The L. Sierra, Capital account balance was $31,50 the prior year, and there are no owner investment year. SIERRA COMPANY Statement of Owner's Equity L. Sierra, Capital, December 31 prior year Add: Investments by owner 0 L. Sierra, Capital, December 31 current year $ 0 0
Sierra Company Adjusted Trial Balance December 31 Account Title Debit Credit Cash $ 33,000 Prepaid insurance 1,900 6,800 Notes receivable (due in 5 years) Buildings 90,000 Accumulated depreciation-Buildings Accounts payable $ 26,000 9,500 Notes payable (due in 3 years) 10,000 L. Sierra, Capital 31,500 L. Sierra, Withdrawals 8,000 79,500 Consulting revenue Wages expense 4,900 9,000 Depreciation expense-Buildings Insurance expense 2,900 Totals $ 156,500 $ 156,500 (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. The L. Sierra, Capital account balance was $31,500 on December 31 of the prior year, and there are no owner investments during the current year. Complete this question by entering your ans= below. Required 1. Required 2 Prepare a statement of owner's equity for the year The L. Sierra, Capital account balance was $31,50 the prior year, and there are no owner investment year. SIERRA COMPANY Statement of Owner's Equity L. Sierra, Capital, December 31 prior year Add: Investments by owner 0 L. Sierra, Capital, December 31 current year $ 0 0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Company.
Sierra Company
Adjusted Trial Balance
December 31
Debit
Credit
Account Title
Cash
$ 33,000
Prepaid insurance
1,900
6,800
Notes receivable (due in 5 years)
Buildings
90,000
$ 26,000
Accumulated depreciation-Buildings
Accounts payable
9,500
Notes payable (due in 3 years)
10,000
L. Sierra, Capital
31,500
L. Sierra, Withdrawals
8,000
Consulting revenue.
79,500
Wages expense
4,900
9,000
Depreciation expense-Buildings
Insurance expense
2,900
Totals
$ 156,500
$ 156,500
(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. The L. Sierra, Capital account balance was
$31,500 on December 31 of the prior year, and there are no
owner investments during the current year.
Complete this question by entering your ans
below.
Required 1 Required 2
Prepare a statement of owner's equity for the year
The L. Sierra, Capital account balance was $31,50
the prior year, and there are no owner investment
year.
SIERRA COMPANY
Statement of Owner's Equity
L. Sierra, Capital, December 31 prior year
Add: Investments by owner
0
0
L. Sierra, Capital, December 31 current year
$
0](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F252f462f-d271-40e1-be37-922147ee715a%2Fd2370e26-9f0d-43d0-a99c-98af8c5c9157%2F074hwbf_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Company.
Sierra Company
Adjusted Trial Balance
December 31
Debit
Credit
Account Title
Cash
$ 33,000
Prepaid insurance
1,900
6,800
Notes receivable (due in 5 years)
Buildings
90,000
$ 26,000
Accumulated depreciation-Buildings
Accounts payable
9,500
Notes payable (due in 3 years)
10,000
L. Sierra, Capital
31,500
L. Sierra, Withdrawals
8,000
Consulting revenue.
79,500
Wages expense
4,900
9,000
Depreciation expense-Buildings
Insurance expense
2,900
Totals
$ 156,500
$ 156,500
(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. The L. Sierra, Capital account balance was
$31,500 on December 31 of the prior year, and there are no
owner investments during the current year.
Complete this question by entering your ans
below.
Required 1 Required 2
Prepare a statement of owner's equity for the year
The L. Sierra, Capital account balance was $31,50
the prior year, and there are no owner investment
year.
SIERRA COMPANY
Statement of Owner's Equity
L. Sierra, Capital, December 31 prior year
Add: Investments by owner
0
0
L. Sierra, Capital, December 31 current year
$
0
![ierra Company
ted Trial Balance
December 31
Debit
Credit
$ 33,000
1,900
in 5 years)
6,800
90,000
on-Buildings
$ 26,000
9,500
3 years)
10,000
31,500
8,000
79,500
4,900
¡uildings
9,000
2,900
$ 156,500 $ 156,500
itement for the year ended
of owner's equity for the year ended
ra, Capital account balance was
of the prior year, and there are no
g the current year.
estion by entering your answers in the tabs
t of owner's equity for the year ended December 31
al account balance was $31,500 on December 31 of
there are no owner investments during the current
Show le
OMPANY
wner's Equity
ear
0
it year
$
0
0](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F252f462f-d271-40e1-be37-922147ee715a%2Fd2370e26-9f0d-43d0-a99c-98af8c5c9157%2Fxblvyvf_processed.jpeg&w=3840&q=75)
Transcribed Image Text:ierra Company
ted Trial Balance
December 31
Debit
Credit
$ 33,000
1,900
in 5 years)
6,800
90,000
on-Buildings
$ 26,000
9,500
3 years)
10,000
31,500
8,000
79,500
4,900
¡uildings
9,000
2,900
$ 156,500 $ 156,500
itement for the year ended
of owner's equity for the year ended
ra, Capital account balance was
of the prior year, and there are no
g the current year.
estion by entering your answers in the tabs
t of owner's equity for the year ended December 31
al account balance was $31,500 on December 31 of
there are no owner investments during the current
Show le
OMPANY
wner's Equity
ear
0
it year
$
0
0
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education