10Required information(The following information applies to the questions displayed below]The following is the adjusted trial balance of Sierra CompanySierra CompanyAdjusted Trial BalanceDecember 31Account TitleCashPrepaid insuranceNotes receivable (due in 5 years)buildingsAccumulated depreciation-BuildingsAccounts payableNotes payable (due in 3 years)Connon stockRetained earningsDividendsConsulting revenueWages expenseDepreciation expense-BuildingsInsurance expenseTotalsDebit$ 41,0002,3007,600110,000SIERRA COMPANYBalance SheetDecember 3120,0005,30011,0003,500$ 190,500Credit$ 30,00011,50013,00024,00013,50099,500$ 190,500Use the information in the adjusted trial balance to prepare Sierra Company's classified balance sheet as of December 31.

The financial statements of the business include the income statement, statement of retained…

Required information (The following information applies to the questions displayed below) The following is the adjusted trial balance of Sierra Company Account Title Cash Sierra Company Adjusted Trial Balance December 31 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 $ 41,000 2,100 7,600 110,000 Credit $ 30,000 11,500 13,000 24,000 13,500 99,500 10,000 5,100 11,000 3,300 $ 190,500 $ 190,500 Use the information in the adjusted trial balance to prepare Sierra Company's classified balance sheet as of December 31.

Required information (The following information applies to the questions displayed below) The following is the adjusted trial balance of Sierra Company Account Title Cash Sierra Company Adjusted Trial Balance December 31 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 $ 41,000 2,100 7,600 110,000 Credit $ 30,000 11,500 13,000 24,000 13,500 99,500 10,000 5,100 11,000 3,300 $ 190,500 $ 190,500 Use the information in the adjusted trial balance to prepare Sierra Company's classified balance sheet as of December 31.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 5E: Multiple-Step and Single-Step In coin Statements The following items were derived from Gold...

See similar textbooks

Similar questions

Interim Reporting (Appendix 5.1) Miller Company prepares quarterly and year-to-date interim reports. The following is its interim income statement for the quarter ended March 31, 2019: On June 30, 2019, Millers accountant completed a worksheet in preparation for developing the year-to-date interim income statement. The following are the accounts and amounts listed on the income statement debit and credit columns of this worksheet: Required: Assuming 20,000 shares of common stock have been outstanding for the entire 6 months, prepare Millers: 1. Year-to-date interim income statement for the first 6 months of 2019. 2. Interim income statement for the second quarter of 2019.
Multiple-Step and Single-Step In coin Statements The following items were derived from Gold Companys December 31 adjusted trial balance: Additional data: 1. Screen thousand share of common stock have been outstanding the entire year. 2. The income tax rate is 30% on all items of income. Required: 1. Prepare a multiple-st income statement. 2. Prepare a single step income statement. 3. Next Level Discuss how Gold Companys income statement in Requirement I might be different if it used IFRS
OBJECTIVE 6 Exercise 1-46 Income Statement ERS Inc. maintains and repairs office equipment. ERS had an average of 10,000 shares of common stock outstanding for the year. The following income statement account balances are available for ERS at the end of 2019. Required: 1. Prepare a single-step income statement for ERS for 2019. 2. CONCEPTUAL CONNECTION Compute net profit margin for ERS. If ERS is able to increase its service revenue by $100,000, what should be the effect on future income? 3. CONCEPTUAL CONNECTION Assume that ERS net profit margin was 8.5% for 2018. As an investor, what conclusions might you draw about ERS future profitability?
Classification of Assets and Liabilities Indicate the appropriate classification of each of the following as a current asset (CA), noncurrent asset (NCA), current liability (CL), or long-term liability (LTL). ______ 1. Inventory ______ 2. Accounts payable ______ 3. Cash ______ 4. Patents ______ 5. Notes payable, due in six months ______ 6. Taxes payable ______ 7. Prepaid rent (for the next nine months) ______ 8. Bonds payable, due in ten years ______ 9. Machinery
Adjustment for depreciation The estimated amount of depredation on equipment for the current year is $133,000. a. How is the adjustment recorded? Indicate each account affected, whether the account is increased or decreased, and the amount of the increase or decrease. b. If the adjustment in (a) was omitted, which items would be erroneously stated on (1) the income statement for the year and (2) the balance sheet as of December 31?
(Appendix 21.1) Comprehensive The following are Adair Companys December 31, 2018, post-closing trial balance and the December 31, 2019, adjusted trial balance: A review of the accounting records reveals the following additional information for 2019: Investments in bonds to be held to maturity were purchased at year-end for 8,600. A building was purchased for 28,000. A note payable was issued for 9,000. Common stock was issued for 14,500. Dividends of 6,500 were declared and paid. Required: 1. Using the direct method for operating cash flows, prepare a spreadsheet to support the 2019 statement of cash flows for Adair. 2. Prepare the statement of cash flows. (A separate schedule reconciling net income to cash provided by operating activities is not necessary.)
Multiple-Step and Single-Step Income Statements, and Statement of Comprehensive Income On December 31, 2019, Opgenorth Company listed the following items in its adjusted trial balance: Additional data: 1. Seven thousand shares of common stock have been outstanding the entire year. 2. The income tax rate is 30% on all items of income. Required: 1. Prepare a 2019 multiple-step income statement. 2. Prepare a 2019 single-step income statement. 3. Prepare a 2019 statement of comprehensive income.
Write the third closing entry to transfer the net income or net loss to the P. Hernandez, Capital account, assuming the following: a. A net income of 3,842 during the first quarter (Jan.Mar.) b. A net loss of 1,781 during the second quarter (Apr.Jun.)
Question 3 Prepare the Statement of Comprehensive Income for the year ended 28 February 2022.INFORMATIONThe trial balance, additional information and adjustments given below were extracted from the records of Metro Limitedfor the financial year ended 28 February 2022.METRO LIMITEDPRE-ADJUSTMENT TRIAL BALANCE AS AT 28 FEBRUARY 2022Debit (R) Credit (R)Balance sheet accounts sectionOrdinary share capital 2 200 000Retained earnings 608 000Land and buildings at cost 2 300 000Equipment at cost 1 060 000Vehicles at cost 880 000Accumulated depreciation on equipment 440 000Accumulated depreciation on vehicles 220 000Trading inventory 210 000Debtors control 265 000Provision for bad debts 15 000Bank overdraft 70 000 Creditors control 325 000Loan: Ria Bank (18% p.a.) 250 000South African Revenue Services (Company tax) 130 000Nominal accounts sectionSales 4 580 000Cost of sales 1 980 000Sales returns 130 000Advertising 140 000Stationery 50 000Bad debts 15 000Discount allowed 20 000Discount received…
2. The following is extracted trial balance of Brahim Labi Sdn Bhd, after his first year’s trading, Brahim Labi Sdn BhdTrial Balance as at 30 June 2020Particulars Debit (RM) Credit (RM)Sales 265,900Purchases 154,870Rent 4,200Lighting and heating expenses 530Salaries and wages 51,400Insurance 2,100Buildings 85,000Fixtures 1,100Account receivable 31,300Sundry expenses 412Account payable 15,910Cash at bank 14,590Drawings 30,000Vans 16,400Motor running expenses 4,110Capital 114,202TOTAL 396,012 396,012Inventory at 30 June 2020 was RM16,280.Required: i. Statement of Profit and Loss and Others Comprehensive Income for the year ended 30 June 2020.ii. Statement of Financial Position as at 30 June 2020.
Question 1The following information was extracted from the financial statement of Barryfor the year ended 31 December 2020. RMSales 437,500Opening inventories 17,500Closing inventories 26,250Cost of sales 262,500Other income 3,750Expenses 61,250Current liabilities 47,250Trade receivables 39,375Bank 8,750Cash 31,500Required:(a) Show the formulae and compute the value of the following for Barry:(i) Purchases(ii) Gross profit(iii)Net Profit
The following trial balance has been extracted from the books of Paul Co. as at 31 December2018$ $Equity share capital ( $1) 6,000Retained earnings at 1 January 2018 6,835Revenue 76,980Salary & wages 7,400Inventory at 1 January 2018 4,930Purchases 40,760Distribution cost 6,130Administrative expenses 6,790Loan interest 1,200Investment income 1,250Tax 1,200Receivables and payables 10,290 3,360Bank 4,125Motor vehicles-cost 6,000Buildings- cost 13,000Motor vehicles-accumulated depreciation 1 January 2018 2,000Buildings- accumulated depreciation 1 January 2018 3,400Debenture ( 2021) 2,000101,825 101,825 Additional information:1. Inventory at the end of the year was valued at $5,0002. Paul made no additions or disposal of tangible non-current assets in the year. Itsdepreciation policy is as follows:Motor vehicle – 20% reducing balanceBuildings- 25 years’ straight lineThe depreciation expense for the year is charged to cost of sales3. Salary and wages are to apportioned equally across…