QS $4-16($Algo$)$ Preparing an Income statement $\backslash$& statement of owner's equity LO C$1$

$(1)$ Prepare an income statement for the year ended December $31.$

$(2)$ Prepare a statement of owner's equity for the year ended December $31.$ The L$.$ Sierra. Capital account balance was $\backslash (\backslash$$ $16\mathrm{.}500\backslash )$ on December $31$ of the prior year, and there are no owner investments during the current year.

Complete this question by entering your answers in the tabs below.

Prepare an income statement for the year ended December $31.!$

Required information

Use the following Information for Qulck Studles below. $($Algo$)$

$[$The following information applies to the questions alisplayed below$]$

The following is the adjusted trial balance of Slerra Company.

$\backslash$begin$\{$tabular$\}\{|$c$|$c$|$c$|\}$

$\backslash$hline Sierra Conpany Adjusted Trial Balance Decenber $31$ & & $\backslash \backslash$

$\backslash$hline Account Title & Debit & Credit $\backslash \backslash$

$\backslash$hline Cash & $\backslash (\backslash$$ $13,000\backslash )$ & $\backslash \backslash$

$\backslash$hline Prepaid insurance & $900$ & $\backslash \backslash$

$\backslash$hline Notes receivable $($due in $5$ years$)$ & $4,800$ & $\backslash \backslash$

$\backslash$hline Buildings & $40,000$ & $\backslash \backslash$

$\backslash$hline Accumulated depreciation$-$Buildings & & $\backslash$$ $16,090\backslash \backslash$

$\backslash$hline Accounts payable & & $4,590\backslash \backslash$

$\backslash$hline Notes payable $($due in $3$ years$)$ & & $5,900\backslash \backslash$

$\backslash$hline L$.$ Sierra, Capital & & $16,500\backslash \backslash$

$\backslash$hline L$.$ Sierra, Withdrawals & $3,000$ & $\backslash \backslash$

$\backslash$hline Consulting revenue & & $29,590\backslash \backslash$

$\backslash$hline Wages experise & $3,900$ & $\backslash \backslash$

$\backslash$hline Depreciation expense$-$Buildings & $4,000$ & $\backslash \backslash$

$\backslash$hline Insurance expense & $1,900$ & $\backslash \backslash$

$\backslash$hline Totals & $\backslash (\backslash$$ $71,500\backslash )$ & $\backslash (\backslash$$ $71,590\backslash )\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$

QS $4-17($Algo$)$ Preparing a classifled balance sheet LO C$1$

Use the Information In the adjusted trlal balance to prepare Slerra Company's class$/$fied balance sheet as of December $31.$