Homework Answers
Answer-:
1).
| Sierra Company | ||
| Income Statement | ||
| For the year ended December 31 | ||
| $ | $ | |
| Revenue: | ||
| Consulting revenue | 54500 | |
| Less Expenses: | ||
| Wages Expenses | 4400 | |
| Depreciation expense - Building | 6500 | |
| Insurance Expenses | 2400 | |
| Total Expenses | (13300) | |
| Net Income | 41200 |
2).
| Sierra Company | ||
| Statement of Owner’s Equity | ||
| For the year ended December 31 | ||
| $ | $ | |
| Beginning balance of capital | 24000 | |
| Add: Net income | 41200 | |
| Less: Withdrawals during the year | (5500) | |
| 35700 | ||
| Ending balance of capital on December 31 | 59700 |
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2 WE yeyeuse years H. Sierra, Capital H. Sierra, withdrawals Consulting revenue Mages expense Depreciation expense-Buildings...
Also, how would you make a balance sheet? Use the following adjusted trial balance of Sierra...
Also, how would you make a balance sheet?
Use the following adjusted trial balance of Sierra Company to prepare its (1) income statement and (2) statement of owner's equity for the year ended December 31. The H. Sierra, Capital account balance was $10,500 on December 31 of the prior year. Credit Debit $ 5,000 500 4,000 20,000 Account Title Cash Prepaid insurance Notes receivable (due in 5 years) Buildings Accumulated depreciation-Buildings Accounts payable Notes payable (due in 3 years) H....
Required information Use the following information for Quick Studies below. (The following information applies to the...
Required information Use the following information for Quick Studies below. (The following information applies to the questions displayed below.) The following is the adjusted trial balance of Sierra Company. 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 Insurance expense Totals Debit Credit $ 33,000 1,900 6,800 90,000 $ 26,000 9,500 10,000 12,000 19,500 8,000 79,500...
Ch 3: Homework 2 QS 3-22 Preparing financial statements LO P6 Part 1 of 2 Required...
Ch 3: Homework 2 QS 3-22 Preparing financial statements LO P6 Part 1 of 2 Required (1) Prepare an income statement for the year ended December 31 (2) Prepare a statement of retained earnings for the year ended December 31 0.83 points 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. Owner made no investments during period. eBook SIERRA COMPANY Statement retained...
3. Depreciation Expense Accumulated Depreciation - Buildings (To record depreciation on buildings) Depreciation Expense Accumulated Depreciation...
3. Depreciation Expense Accumulated Depreciation - Buildings (To record depreciation on buildings) Depreciation Expense Accumulated Depreciation - Equipment (To record depreciation on equipment) 4. Unearned Revenue Rent Revenue (Adjusting entry for rent revenue received for September) (Adjusting entry for unearned rent revenue earned during August) 5. 6. 7. Prepare an adjusted trial balance as at August 31. Monty Corp. Adjusted Trial Balance Debit Credit $ $ Monty Corp. Trial Balance August 31, 2020 Credit Debit $6,900 3,000 1,950 19,500 148,000...
The adjusted trial balance of Wong Consulting Services is as follows: WONG CONSULTING SERVICES Adjusted Trial...
The adjusted trial balance of Wong Consulting Services is as
follows:
WONG CONSULTING SERVICES
Adjusted Trial Balance
December 31, 2021
Debit
Credit
Cash
$2,500
Accounts receivable
1,000
Prepaid insurance
840
Supplies
140
Furniture
15,000
Accumulated depreciation – furniture
$1,200
Accounts payable
740
Salaries payable
610
Interest payable
34
Unearned revenue
200
Notes payable, due 2026
2,600
V. Wong, capital
5,500
V. Wong, drawings
8,300
Service revenue
30,436
Rent revenue
560
Depreciation expense
500
Insurance expense
740
Interest expense
120
Rent...
Required information [The following information applies to the questions displayed below.] The following is the adjusted...
Required information [The following information applies to the questions displayed below.] The following is the adjusted trial balance of Sierra Company. 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 Insurance expense Totals Debit Credit $13,000 900 4,800 40,000 $16,000 4,500 5,000 7,000 9,500 3,000 29,500 3,900 4,000 1,900 $71,500 $71,500 Required (1) Prepare an income...
Required information Use the following information for Quick Studies below. [The following information applies to the...
Required information Use the following information for Quick Studies below. [The following information applies to the questions displayed below.) The following is the adjusted trial balance of Sierra Company. The Retained Earnings account balance was $5,500 on December 31 of the prior year. Credit Debit $ 5,600 500 4,000 20,000 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...
The following is the adjusted trial balance of Susan Company. Account Title Cash Prepaid insurance Notes...
The following is the adjusted trial balance of Susan Company. 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 Insurance expense Totals Debit Credit $15,000 1,000 5,000 45,000 $17,000 5,000 5,500 7,500 10,500 3,500 34,500 4,000 4,500 2,000 $80,000 $80,000 Required 1) Prepare an income statement for the year ended December 31. 2) Prepare a statement...
ask IV. Prepare 2017 Financial Statements- 27 points Plymouth Consulting Adjusted Trial Balance 12/31/2017 Plymouth Consulting...
ask IV. Prepare 2017 Financial Statements- 27 points Plymouth Consulting Adjusted Trial Balance 12/31/2017 Plymouth Consulting Income Statement For the Year Ended December 31, 2017 Revenie Prepaid Ins. Building Accumulated Depreciation Expenses Unearned Revenue Plymouth Capital, 1/1/2017 Withdrawals Service revenue Net Income Wages Exp. Utilty Exp. Depreciation Exp. Plymouth Consulting Statement of Owners Equity For the Year ended December 31, 2017 Plymouth Capital, Beginning_ Net Income Withdrawals Plymouth Capital, Ending Plymouth Consulting Balance Sheet December 31, 2017 Assets Total Assets...
[The following information applies to the questions displayed below.) The following is the adjusted trial balance...
[The following information applies to the questions displayed below.) The following is the adjusted trial balance of Susan Company. 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 Insurance expense Totals Debit Credit $15,000 1,ᎾᎾᎾ 5,000 45,000 $17,000 5,000 5,500 7,500 10,500 3,500 34,500 4,000 4,500 2,000 $80,000 $80,000 Required (1) Prepare an income statement for...
Also, how would you make a balance sheet?
Use the following adjusted trial balance of Sierra Company to prepare its (1) income statement and (2) statement of owner's equity for the year ended December 31. The H. Sierra, Capital account balance was $10,500 on December 31 of the prior year. Credit Debit $ 5,000 500 4,000 20,000 Account Title Cash Prepaid insurance Notes receivable (due in 5 years) Buildings Accumulated depreciation-Buildings Accounts payable Notes payable (due in 3 years) H....
Required information Use the following information for Quick Studies below. (The following information applies to the questions displayed below.) The following is the adjusted trial balance of Sierra Company. 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 Insurance expense Totals Debit Credit $ 33,000 1,900 6,800 90,000 $ 26,000 9,500 10,000 12,000 19,500 8,000 79,500...
Ch 3: Homework 2 QS 3-22 Preparing financial statements LO P6 Part 1 of 2 Required (1) Prepare an income statement for the year ended December 31 (2) Prepare a statement of retained earnings for the year ended December 31 0.83 points 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. Owner made no investments during period. eBook SIERRA COMPANY Statement retained...
3. Depreciation Expense Accumulated Depreciation - Buildings (To record depreciation on buildings) Depreciation Expense Accumulated Depreciation - Equipment (To record depreciation on equipment) 4. Unearned Revenue Rent Revenue (Adjusting entry for rent revenue received for September) (Adjusting entry for unearned rent revenue earned during August) 5. 6. 7. Prepare an adjusted trial balance as at August 31. Monty Corp. Adjusted Trial Balance Debit Credit $ $ Monty Corp. Trial Balance August 31, 2020 Credit Debit $6,900 3,000 1,950 19,500 148,000...
The adjusted trial balance of Wong Consulting Services is as
follows:
WONG CONSULTING SERVICES
Adjusted Trial Balance
December 31, 2021
Debit
Credit
Cash
$2,500
Accounts receivable
1,000
Prepaid insurance
840
Supplies
140
Furniture
15,000
Accumulated depreciation – furniture
$1,200
Accounts payable
740
Salaries payable
610
Interest payable
34
Unearned revenue
200
Notes payable, due 2026
2,600
V. Wong, capital
5,500
V. Wong, drawings
8,300
Service revenue
30,436
Rent revenue
560
Depreciation expense
500
Insurance expense
740
Interest expense
120
Rent...
Required information [The following information applies to the questions displayed below.] The following is the adjusted trial balance of Sierra Company. 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 Insurance expense Totals Debit Credit $13,000 900 4,800 40,000 $16,000 4,500 5,000 7,000 9,500 3,000 29,500 3,900 4,000 1,900 $71,500 $71,500 Required (1) Prepare an income...
Required information Use the following information for Quick Studies below. [The following information applies to the questions displayed below.) The following is the adjusted trial balance of Sierra Company. The Retained Earnings account balance was $5,500 on December 31 of the prior year. Credit Debit $ 5,600 500 4,000 20,000 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...
The following is the adjusted trial balance of Susan Company. 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 Insurance expense Totals Debit Credit $15,000 1,000 5,000 45,000 $17,000 5,000 5,500 7,500 10,500 3,500 34,500 4,000 4,500 2,000 $80,000 $80,000 Required 1) Prepare an income statement for the year ended December 31. 2) Prepare a statement...
ask IV. Prepare 2017 Financial Statements- 27 points Plymouth Consulting Adjusted Trial Balance 12/31/2017 Plymouth Consulting Income Statement For the Year Ended December 31, 2017 Revenie Prepaid Ins. Building Accumulated Depreciation Expenses Unearned Revenue Plymouth Capital, 1/1/2017 Withdrawals Service revenue Net Income Wages Exp. Utilty Exp. Depreciation Exp. Plymouth Consulting Statement of Owners Equity For the Year ended December 31, 2017 Plymouth Capital, Beginning_ Net Income Withdrawals Plymouth Capital, Ending Plymouth Consulting Balance Sheet December 31, 2017 Assets Total Assets...
[The following information applies to the questions displayed below.) The following is the adjusted trial balance of Susan Company. 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 Insurance expense Totals Debit Credit $15,000 1,ᎾᎾᎾ 5,000 45,000 $17,000 5,000 5,500 7,500 10,500 3,500 34,500 4,000 4,500 2,000 $80,000 $80,000 Required (1) Prepare an income statement for...
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