The following is the adjusted trial balance of SierraCompany.Sierra CompanyAdjusted Trial BalanceDecember 31Account TitleDebitCreditCash$ 33,000Prepaid insurance1,900Notes receivable (due in 5 years)Buildings6,80090,000Accumulated depreciation-BuildingsAccounts payable$ 26,0009,50010,000Notes payable (due in 3 years)L. Sierra, Capital31,500L. Sierra, Withdrawals8,000Consulting revenue79,500Wages expense4,9009,000Depreciation expense-BuildingsInsurance expenseTotals2,900$ 156,500 $ 156,500(1) Prepare an income statement for the year endedDecember 31.(2) Prepare a statement of owner's equity for the year endedDecember 31. The L. Sierra, Capital account balance was$31,500 on December 31 of the prior year, and there are noowner investments during the current year.Complete this question by entering your answersRequired 1 Required 2Prepare an income statement for the year ended DecenSIERRA COMPANYIncome Statement00< Required 1$Required 2

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Description: The following is the adjusted trial balance of SierraCompany.Sierra CompanyAdjusted Trial BalanceDecember 31Account TitleDebitCreditCash$ 33,000Prepaid insurance1,900Notes receivable (due in 5 years)Buildings6,80090,000Accumulated depreciation-Build

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The following is the adjusted trial balance of Sierra Company. 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 $ 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 I 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. T

The following is the adjusted trial balance of Sierra Company. 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 $ 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 I 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. T

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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