The following is the adjusted trial balance of Sierra Company. Sierra Company Adjusted Trial Balance December 31
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Question:
The following is the adjusted trial balance of Sierra Company.
Sierra Company | ||
Adjusted Trial Balance | ||
December 31 | ||
Account Title | Debit | Credit |
---|---|---|
Cash | $ 17,000 | |
Prepaid insurance | 1,100 | |
Notes receivable (due in 5 years) | 5,200 | |
Buildings | 50,000 | |
Accumulated depreciation—Buildings | $ 18,000 | |
Accounts payable | 5,500 | |
Notes payable (due in 3 years) | 6,000 | |
Common stock | 12,000 | |
Retained earnings | 7,500 | |
Dividends | 4,000 | |
Consulting revenue | 39,500 | |
Wages expense | 4,100 | |
Depreciation expense—Buildings | 5,000 | |
Insurance expense | 2,100 | |
Totals | $ 88,500 | $ 88,500 |
(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 balanced was $7500 on December 31 of the prior year
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