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please help with the owners equity only! I am sure the income statement is correct. just struggling with owners equity statement ! Required information (The
please help with the owners equity only! I am sure the income statement is correct. just struggling with owners equity statement
! Required information (The following information applies to the questions displayed below.] The following is the adjusted trial balance of Sierra Company. Account Title Cash Prepaid insurance Notes receivable (due in 5 years) Buildings Accumulated depreciation-Buildings Accounts payable Notes payable (due in 3 years) H. Sierra, Capital H. Sierra, withdrawals Consulting revenue Wages expense Depreciation expense-Buildings Insurance expense Totals Debit Credit $ 31,000 1,800 6,600 85,000 $ 25,000 9,000 9,500 30,000 7,500 74,500 4,800 8,500 2,800 $ 148,000 $148,000 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 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 an income statement for the year ended December 31. SIERRA COMPANY Income Statement Revenues: Consulting revenue $ 74,500 $ 74,500 Total revenue Expenses: Wages expense Depreciation expense Buildings Insurance expense $ 4.800 8,500 2,800 Total expense 16,100 58,400 Net income S 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. SIERRA COMPANY Statement of Owner's Equity H. Sierra, Capital, December 31 prior year end 0 H. Sierra, Capital, December 31 current year end $ 0Step by Step Solution
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