AccountingOld MathJax webviewWhat am I missing? Required informationUse 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 TitleDebitCreditCash$19,000Prepaid insuranceNotes receivable (due in 5 years)1,2005,400Bu ildingsAccumu lated depreciation-Bui ldingsAccounts payab leNotes payable (due in 3 years)H. Sierra, Capital55,000$19,0006,0006,50021,000H. Sierra, WithdrawalsConsulting revenueWages expenseDepreciation expense-Bui ldings4, 50044,5004, 2005,5002,200Insurance expenseTotals$97,000 $97,000 QS 4-11 Preparing a classified balance sheet LO C3Use the information adjusted trial balance to prepare Sierra Company's classified balance sheet as of December 31.X Answer is not complete.SIERRA COMPANYBalance SheetDecember 31AssetsCurrent assetsCashIs19,000Prepaid insurance1,200Total current assets20,200Long-term investmentsNotes receivable5,400Plant assetsBuildings55,000 O55,000Total assets80,600LiabilitiesCurrent liabilitiesAccounts payableIS6,000Long-term liabilitiesNotes payable6,500Total liabilities12,500EquityH Sierra Capital14.200Total liabiities and equity26,700

1. Book value of building will appear in balance sheet , which is calculated as follows :…

QS 4-11 Preparing a classified balance sheet LO C3 Use the information adjusted trial balance to prepare Sierra Company's classified balance sheet as of December 31. * Answer is not complete. SIERRA COMPANY Balance Sheet December 31 Assets Current assets Cash Is 19,000 Prepaid insurance 1,200 O Total current assets 20,200 Long-term investments Notes receivable 5,400 Plant assets Buildings 55,000 O 55,000 Total assets 80,600 Liabilities Current liabilities Accounts payable 6,000 Long-term liabilities Notes payable 6,500 Total liabilities 12,500 Equity H. Sierra Capital 14,200 X Total liabiities and equity 26,700

QS 4-11 Preparing a classified balance sheet LO C3 Use the information adjusted trial balance to prepare Sierra Company's classified balance sheet as of December 31. * Answer is not complete. SIERRA COMPANY Balance Sheet December 31 Assets Current assets Cash Is 19,000 Prepaid insurance 1,200 O Total current assets 20,200 Long-term investments Notes receivable 5,400 Plant assets Buildings 55,000 O 55,000 Total assets 80,600 Liabilities Current liabilities Accounts payable 6,000 Long-term liabilities Notes payable 6,500 Total liabilities 12,500 Equity H. Sierra Capital 14,200 X Total liabiities and equity 26,700

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Accounting

Old MathJax webview

What am I missing?

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
Debit
Credit
Cash
$19,000
Prepaid insurance
Notes receivable (due in 5 years)
1,200
5,400
Bu ildings
Accumu lated depreciation-Bui ldings
Accounts payab le
Notes payable (due in 3 years)
H. Sierra, Capital
55,000
$19,000
6,000
6,500
21,000
H. Sierra, Withdrawals
Consulting revenue
Wages expense
Depreciation expense-Bui ldings
4, 500
44,500
4, 200
5,500
2,200
Insurance expense
Totals
$97,000 $97,000

QS 4-11 Preparing a classified balance sheet LO C3
Use the information adjusted trial balance to prepare Sierra Company's classified balance sheet as of December 31.
X Answer is not complete.
SIERRA COMPANY
Balance Sheet
December 31
Assets
Current assets
Cash
Is
19,000
Prepaid insurance
1,200
Total current assets
20,200
Long-term investments
Notes receivable
5,400
Plant assets
Buildings
55,000 O
55,000
Total assets
80,600
Liabilities
Current liabilities
Accounts payable
IS
6,000
Long-term liabilities
Notes payable
6,500
Total liabilities
12,500
Equity
H Sierra Capital
14.200
Total liabiities and equity
26,700

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