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 Wages expense Depreciation expense-Buildings Debit $ 25,000 1,500 6,000 70,000 6,000 4,500 7,000 Credit $ 22,000 7,500 8,000 16,000 9,500 59,500 Insurance expense Totals 2,500 $ 122,500 $ 122,500 (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 balance was $9,500 on December 31 of the prior year. 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 Wages expense Depreciation expense-Buildings Debit $ 25,000 1,500 6,000 70,000 6,000 4,500 7,000 Credit $ 22,000 7,500 8,000 16,000 9,500 59,500 Insurance expense Totals 2,500 $ 122,500 $ 122,500 (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 balance was $9,500 on December 31 of the prior year.
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Income Statement for the Year Ended December 31 Consulting Revenue 59500 Expe... View the full answer
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