Sierra Company Adjusted Trial Balance December 31 Account Title Debit $ 41,000 2,300 7,600 110,000 Credit Cash Prepaid insurance Notes receivable (due in 5 years) Buildings Accumulated depreciation-Buildings Accounts payable Notes payable (due in 3 years) L. Sierra, Capital L. Sierra, Withdrawals Consulting revenue Wages expense Depreciation expense-Buildings $ 30,00p 11,500 12,00p 37,500 10,000 99,500 5,300 11,000 3,300 $ 190,500 $ 190,500 Insurance expense Totals

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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)
L. Sierra, Capital
L. Sierra, Withdrawals
Consulting revenue
Wages expense
Depreciation expense-Buildings
Insurance expense
Debit
$ 41,000
2,300
7,600
110,000
Credit
$ 30,000
11,500
12,00p
37,500
10,000
99,500
5,300
11,000
3,300
$ 190,500
Totals
$ 190,500
(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
$37,500 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 $37,50
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
L. Sierra, Capital, December 31 current year
Transcribed Image Text: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) L. Sierra, Capital L. Sierra, Withdrawals Consulting revenue Wages expense Depreciation expense-Buildings Insurance expense Debit $ 41,000 2,300 7,600 110,000 Credit $ 30,000 11,500 12,00p 37,500 10,000 99,500 5,300 11,000 3,300 $ 190,500 Totals $ 190,500 (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 $37,500 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 $37,50 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 L. Sierra, Capital, December 31 current year
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)
L. Sierra, Capital
L. Sierra, Withdrawals
Consulting revenue
Wages expense
Depreciation expense-Buildings
Insurance expense
Debit
$ 41,000
2,300
7,600
110,000
Credit
$ 30,000
11,500
12,00p
37,500
10,000
99,500
5,300
11,000
3,300
$ 190,500
Totals
$ 190,500
(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
$37,500 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 $37,50
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
L. Sierra, Capital, December 31 current year
Transcribed Image Text: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) L. Sierra, Capital L. Sierra, Withdrawals Consulting revenue Wages expense Depreciation expense-Buildings Insurance expense Debit $ 41,000 2,300 7,600 110,000 Credit $ 30,000 11,500 12,00p 37,500 10,000 99,500 5,300 11,000 3,300 $ 190,500 Totals $ 190,500 (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 $37,500 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 $37,50 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 L. Sierra, Capital, December 31 current year
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