Required information Use the following information for Quick Studies below. (Algo) [The following information applies to the questions displayed below) The following is the adjusted trial balance of Sierra Company. Sierra Company adjusted Trial Balance December 31 Account Title Debit Credit Cash $ 45,000 Prepaid insurance 2,500 Notes receivable (due in 5 8,000 years) Buildings 120,000 Accumulated depreciation $ Buildings 32,000 Accounts payable 12,500 Notes payable (due in 3 years) 13,000 Common stock 26,000 Retained earnings 14,500 Dividends 11,000 Consulting revenue 109,500 Wages expense 5,500 Depreciation expense- Buildings 12,000 Insurance expense 3.500 $ $ Totals 207,500 207,500 OS 3-30 (Algo) Preparing an income statement & statement of retained earnings LO C2 (1) Prepare an income statement for the year ended December 31 (2) Prepare a statement of retained earnings for the year ended December 31, The Retained earnings account balance was $14,500 on December 31 of the prior year. Complete this question by entering your answers in the tabs below. Required Required Prepare an income statement for the year ended December 31. SIERRA COMPANY Income Statement 14 Part 1 of 2 6.66 points eBook Hint Required information Use the following information for Quick Studies below. (Aigo) [The following information applies to the questions displayed below) The following is the adjusted trial balance of Sierra Company, Sierra Company Adjusted Trial Balance December 31 Account Title Debit Credit Cash $ 45,000 Prepaid insurance 2,500 Notes receivable (due in 5 8,000 years) Buildings 120,000 Accumulated depreciation- $ Buildings 32,000 Accounts payable 12,500 Notes payable (due in 3 13,000 years) Common stock 26,000 Retained earnings 14,500 Dividends 11,000 Consulting revenue 109,500 Wages expense 5,500 Depreciation expense- Buildings 12,000 Insurance expense 3.500 $ $ Totals 207,500 207,500 Print O Reference OS 3-30 (Algo) Preparing an income statement & statement of retained earnings LO C2 (1) Prepare an income statement for the year ended December 31 (2) Prepare a statement of retained earnings for the year ended December 31. The Retained earnings account balance was $14.500 on December 31 of the prior year Complete this question by entering your answers in the tabs below. Required Required Prepare a statement of retained earnings for the year ended December 31. The Retained earnings account balance was $14,500 on December 31 of the prior year. SIERRA COMPANY Statement of Retained Earnings Retained earnings, December 31 prior year Retained earnings, December 31 CLONE year
