of 2 1 ces Required information [The following information applies to the questions displayed below.) 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) L. Sierra, Capital L. Sierra, Withdrawals Consulting revenue Wages expense Depreciation expense-Buildings Insurance expense Totals Debit $ 15,000 1,000 5,000 45,000 Credit $ 17,000 5,000 5,500 18,000 34,500 3,500 4,000 4,500 2,000 $ 80,000 $ 80,000 Use the information in the adjusted trial balance to prepare Sierra Company's classified balance sheet as of December 31.

of 2 1 ces Required information [The following information applies to the questions displayed below.) 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) L. Sierra, Capital L. Sierra, Withdrawals Consulting revenue Wages expense Depreciation expense-Buildings Insurance expense Totals Debit $ 15,000 1,000 5,000 45,000 Credit $ 17,000 5,000 5,500 18,000 34,500 3,500 4,000 4,500 2,000 $ 80,000 $ 80,000 Use the information in the adjusted trial balance to prepare Sierra Company's classified balance sheet as of December 31.

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter2: Financial Statements And The Annual Report

Section: Chapter Questions

Problem 2.5E: Classification of Assets and Liabilities Indicate the appropriate classification of each of the...

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Classification of Assets and Liabilities Indicate the appropriate classification of each of the following as a current asset (CA), noncurrent asset (NCA), current liability (CL), or long-term liability (LTL). ______ 1. Inventory ______ 2. Accounts payable ______ 3. Cash ______ 4. Patents ______ 5. Notes payable, due in six months ______ 6. Taxes payable ______ 7. Prepaid rent (for the next nine months) ______ 8. Bonds payable, due in ten years ______ 9. Machinery
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Sh.15.
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provide the answer for question 6 and 7
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