Question
The following is the adjusted trial balance of Sierra Company. Account TitleDebitCreditCash$39,000Prepaid insurance2,200Notes receivable (due in 5 years)7,400Buildings105,000Accumulated depreciation-Buildings$29,000Accounts payable11,000Notes payable (due in 3 years)11,500H.
The following is the adjusted trial balance of Sierra Company.
Account TitleDebitCreditCash$39,000Prepaid insurance2,200Notes receivable (due in 5 years)7,400Buildings105,000Accumulated depreciation-Buildings$29,000Accounts payable11,000Notes payable (due in 3 years)11,500H. Sierra, Capital36,000H. Sierra, Withdrawals9,500Consulting revenue94,500Wages expense5,200Depreciation expense-Buildings10,500Insurance expense3,200Totals$182,000$182,000
QS 4-10 Preparing financial statements LO C2
Required
(1)Make an income statement for the year ended December 31.
(2)Make a statement of owner's equity for the year ended December 31.
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Management Accounting In A Dynamic Environment
Authors: Cheryl S McWatters, Jerold L Zimmerman
1st Edition
0415839025, 9780415839020
