Homework Answers
1.
| SIERRA COMPANY | ||
| Income Statement | ||
| At December 31 | ||
| Revenues: | ||
| Consulting revenue | 79,500 | |
| Total revenue | 79,500 | |
| Expenses: | ||
| Wages expense | 4,900 | |
| Depreciation expense- Building | 9,000 | |
| Insurance expense | 2,900 | |
| Total expenses | -16,800 | |
| Net Income | $62,700 | |
2.
| SIERRA COMPANY | |
| Statement of Retained Earnings | |
| At December 31 | |
| Retained earnings, December 31 prior year end | 19,500 |
| Net Income | 62,700 |
| $82,200 | |
| Dividends | -8,000 |
| Retained earnings, December 31 current year end | $74,200 |
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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...
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...
Required information Use the following information for Quick Studies below. [The following information applies to the...
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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...
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2 WE yeyeuse years H. Sierra, Capital H. Sierra, withdrawals Consulting revenue Mages expense Depreciation expense-Buildings Insurance expense Totals 24,000 5,500 54,5ee 4,400 6,500 2,400 $114,000 $114,00 23 points Book QS 4-10 Preparing financial statements LO C2 Hi 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 Complete this question by entering your answers in the tabs below. Beferences Required: Required 2 Prepare an...
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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...
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Required information [The following information applies to the questions displayed below.] The following is the adjusted year-end trial balance at December 31, 2018, of Wilson Truck Credit Debit $ 9,400 18,100 2,300 175,000 $ 34,000 68,000 Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings, December 31, 2017 Dividends Trucking fees earned Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense-Trucks Totals 12,900 3,400 43,000 21,200 159,000...
(The following information applies to the questions displayed below. The following is the adjusted trial balance...
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Please complete and or correct Following are the accounts and balances (in random order from the...
Please complete and or correct
Following are the accounts and balances (in random order from the adjusted trial balance of Stark Company $ 11,000 2,500 500 1,5ee 400 Notes payable Prepaid insurance Interest expense Accounts payable Wages payable Cash Wages expense Insurance expense Common stock Retained earnings Services revenue Accumulated depreciation-Buildings Accounts receivable Utilities expense Interest payable Unearned revenue Supplies expense Buildings Dividends Depreciation expense-Buildings Supplies $ 15, eee 4,000 1,300 1ee 800 200 40,00 3, eee 2, Bee 10,000...
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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...
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...
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Please complete and or correct
Following are the accounts and balances (in random order from the adjusted trial balance of Stark Company $ 11,000 2,500 500 1,5ee 400 Notes payable Prepaid insurance Interest expense Accounts payable Wages payable Cash Wages expense Insurance expense Common stock Retained earnings Services revenue Accumulated depreciation-Buildings Accounts receivable Utilities expense Interest payable Unearned revenue Supplies expense Buildings Dividends Depreciation expense-Buildings Supplies $ 15, eee 4,000 1,300 1ee 800 200 40,00 3, eee 2, Bee 10,000...
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