Account Title Cash Prepaid insurance Notes receivable (due in 5 years) Buildings Accumulated depreciation-Buildings Accounts payable Notes payable (due in 3 years) L. Sierra, Capital L. Sierra, Withdrawals Consulting revenue Wages expense Depreciation expense-Buildings Insurance expense Totals Debit $ 33,000 1,900 6,800 90,000 8,000 4,900 9,000 2,900 $ 156,500 Credit $ 26,000 9,500 10,000 31,500 79,500 $ 156,500
Account Title Cash Prepaid insurance Notes receivable (due in 5 years) Buildings Accumulated depreciation-Buildings Accounts payable Notes payable (due in 3 years) L. Sierra, Capital L. Sierra, Withdrawals Consulting revenue Wages expense Depreciation expense-Buildings Insurance expense Totals Debit $ 33,000 1,900 6,800 90,000 8,000 4,900 9,000 2,900 $ 156,500 Credit $ 26,000 9,500 10,000 31,500 79,500 $ 156,500
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Hey can you help me with this one please

Transcribed Image Text:The following is the adjusted trial balance of Sierra
Company.
Sierra Company
Adjusted Trial Balance
December 31
Account Title
Debit
Credit
Cash
$ 33,000
Prepaid insurance
1,900
6,800
Notes receivable (due in 5 years)
Buildings
90,000
$ 26,000
Accumulated depreciation-Buildings
Accounts payable
9,500
Notes payable (due in 3 years)
10,000
L. Sierra, Capital
31,500
L. Sierra, Withdrawals
8,000
Consulting revenue
79,500
Wages expense
4,900
9,000
Depreciation expense-Buildings
Insurance expense
2,900
Totals
$ 156,500 $ 156,500
Use the information in the adjusted trial balance to prepare
Sierra Company's classified balance sheet as of December
31.
SIERRA COMPANY
Balance Sheet
December 31
0
0
$

Transcribed Image Text:$ 26,000
Accumulated depreciation-Buildings
Accounts payable
9,500
10,000
Notes payable (due in 3 years)
L. Sierra, Capital
31,500
8,000
L. Sierra, Withdrawals.
Consulting revenue
Wages expense
79,500
4,900
9,000
Depreciation expense-Buildings
Insurance expense
Totals.
2,900
$ 156,500 $ 156,500
Use the information in the adjusted trial balance to prepare
Sierra Company's classified balance sheet as of December
31.
Answer is not complete.
✓
Current assets
✓
Cash
$
Prepaid insurance
Total current assets
$
Notes receivable
Buildings
Current assets
Accumulated depreciation-Buildings
Total assets
Current liabilities
Accounts payable
Notes payable
Total liabilities
L. Sierra, Capital
L. Sierra, Withdrawals
Total liabilities and equity
SIERRA COMPANY
Balance Sheet
December 31
Assets
Liabilities
Equity
✓
>>
X
X
$ 26,000 X
$
$
$
33,000
1,900✔
34,900
6,800✔
90,000 X
26,000
157,700
9,500✔
10,000 X
19,500
31,500
✓
8,000 X
59,000
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