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

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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