FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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1) Income statement for the eyar ended december 31

2) Statement of Owners Equity for the year ended December 31

Required information
Use the following information for Quick Studies below.
[The following information applies to the questions displayed below.]
The following is the adjusted trial balance of Sierra Company.
Account Title
Debit
Credit
$19,000
1,200
5,400
55,000
Cash
Prepaid insurance
Notes receivable (due in 5 years)
Buildings
Accumulated depreciation-Buildings
Accounts payable
Notes payable (due in 3 years)
H. Sierra, Capital
$19,000
6,000
6,500
21,000
H. Sierra, Withdrawals
Consulting revenue
Wages expense
Depreciation expense-Buildings
Insurance expense
4,500
44,500
4,200
5,500
2,200
Totals
$97,000 $97,000
QS 4-10 Preparing financial statements LO C2
Required
(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.
Complete this question by entering your answers in the tabs below.
Required 1
Required 2
Prepare a statement of owner's equity for the year ended December 31. Owner made no investments during the current
period.
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Transcribed Image Text:Required information Use the following information for Quick Studies below. [The following information applies to the questions displayed below.] The following is the adjusted trial balance of Sierra Company. Account Title Debit Credit $19,000 1,200 5,400 55,000 Cash Prepaid insurance Notes receivable (due in 5 years) Buildings Accumulated depreciation-Buildings Accounts payable Notes payable (due in 3 years) H. Sierra, Capital $19,000 6,000 6,500 21,000 H. Sierra, Withdrawals Consulting revenue Wages expense Depreciation expense-Buildings Insurance expense 4,500 44,500 4,200 5,500 2,200 Totals $97,000 $97,000 QS 4-10 Preparing financial statements LO C2 Required (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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a statement of owner's equity for the year ended December 31. Owner made no investments during the current period.
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