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Prepare an income statement for the year ended December

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Reference no: EM132840382

Problem - The following is the adjusted trial balance of Sierra Company.

Account Title

Debit

Credit

Cash

$15,000

 

Prepaid insurance

1,000

 

Notes receivable (due in 5 years)

5,000

 

Buildings

45,000

 

Accumulated depreciation-Buildings

 

$17,000

Accounts payable

 

5,000

Notes payable (due in 3 years)

 

5,500

H. Sierra, Capital

 

18,000

H. Sierra, Withdrawals

3,500

 

Consulting revenue

 

34,500

Wages expense

4,000

 

Depreciation expense-Buildings

4,500

 

Insurance expense

2,000

 

Totals

$80,000

$80,000

Required -

(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.

Reference no: EM132840382

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