The following is the adjusted trial balance of Sierra Company. Sierra Company Adjusted Trial Balance December...

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The following is the adjusted trial balance of Sierra Company. Sierra Company Adjusted Trial Balance December 31 Account Title Cash Prepaid insurance Notes receivable (due in 5 years) Buildings Accumulated depreciation Buildings Accounts payable Notes payable (due in 3 years) Common stock Retained earnings Dividends Consulting revenue liages expense Depreciation expense-Buildings Insurance expense Totals Debit $ 27,000 1,600 6,200 75,000 6,500 4,600 7,500 2,600 $ 131,000 $ 131,000 Credit QS 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 $10,000 on December 31 of the prior year. Required 1 Required 2 Prepare an income statement for the year ended December 31. SIERRA COMPANY Income Statement For Year Ended December 31 $ 23,000 8,000 8,500 17,000 10,000 64,500 Complete this question by entering your answers in the tabs below. $ 0 0 Required 2 > 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 account balance was $10,000 on December 31 of the prior year. SIERRA COMPANY Statement of Retained Earnings Retained earnings, December 31 prior year Retained earnings, December 31 current year < Required 1 0 0 Required 2 > The following is the adjusted trial balance of Sierra Company. Sierra Company Adjusted Trial Balance December 31 Account Title Cash Prepaid insurance Notes receivable (due in 5 years) Buildings Accumulated depreciation Buildings Accounts payable Notes payable (due in 3 years) Common stock Retained earnings Dividends Consulting revenue liages expense Depreciation expense-Buildings Insurance expense Totals Debit $ 27,000 1,600 6,200 75,000 6,500 4,600 7,500 2,600 $ 131,000 $ 131,000 Credit QS 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 $10,000 on December 31 of the prior year. Required 1 Required 2 Prepare an income statement for the year ended December 31. SIERRA COMPANY Income Statement For Year Ended December 31 $ 23,000 8,000 8,500 17,000 10,000 64,500 Complete this question by entering your answers in the tabs below. $ 0 0 Required 2 > 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 account balance was $10,000 on December 31 of the prior year. SIERRA COMPANY Statement of Retained Earnings Retained earnings, December 31 prior year Retained earnings, December 31 current year < Required 1 0 0 Required 2 >

Answer rating: 100% (QA)

To prepare the Income Statement for Sierra Company for the year ended December 31 we will follow this format Revenue Cost of Goods Sold COGS Gross Pro... View the full answer