Sierra Company Adjusted Trial Balance December 31 Account Title Cash Prepaid insurance Notes receivable (due in...

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Sierra Company Adjusted Trial Balance December 31 Account Title Cash Prepaid insurance Notes receivable (due in 5 years) Buildings Accumulated depreciation-Buildings Accounts payable Debit Credit $ 15,000 1,000 5,000 45,000 $ 17,000 5,000 5,500 Notes payable (due in 3 years) Common stock 11,000 Retained earnings 7,000 Dividends Consulting revenue Wages expense Insurance expense Totals 3,500 34,500 4,000 Depreciation expense-Buildings 4,500 2,000 $ 80,000 $ 80,000 QS 3-30 (Algo) Preparing an income statement & statement of retained earr (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 earni December 31 of the prior year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a statement of retained earnings for the year ended December 31. The Retained earnings acco Sierra Company Adjusted Trial Balance December 31 Account Title Cash Prepaid insurance Notes receivable (due in 5 years) Buildings Accumulated depreciation-Buildings Accounts payable Debit Credit $ 15,000 1,000 5,000 45,000 $ 17,000 5,000 5,500 Notes payable (due in 3 years) Common stock 11,000 Retained earnings 7,000 Dividends Consulting revenue Wages expense Insurance expense Totals 3,500 34,500 4,000 Depreciation expense-Buildings 4,500 2,000 $ 80,000 $ 80,000 QS 3-30 (Algo) Preparing an income statement & statement of retained earr (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 earni December 31 of the prior year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a statement of retained earnings for the year ended December 31. The Retained earnings acco

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To prepare the income statement for the year ended December 31 you need to calculate the tot... View the full answer