Required information (The following information applies to the questions displayed below) The following is the adjusted trial balance of Sierra Company Account Title Cash Sierra Company Adjusted Trial Balance December 31 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 $ 41,000 2,100 7,600 110,000 Credit $ 30,000 11,500 13,000 24,000 13,500 99,500 10,000 5,100 11,000 3,300 $ 190,500 $ 190,500 Use the information in the adjusted trial balance to prepare Sierra Company's classified balance sheet as of December 31.
Required information (The following information applies to the questions displayed below) The following is the adjusted trial balance of Sierra Company Account Title Cash Sierra Company Adjusted Trial Balance December 31 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 $ 41,000 2,100 7,600 110,000 Credit $ 30,000 11,500 13,000 24,000 13,500 99,500 10,000 5,100 11,000 3,300 $ 190,500 $ 190,500 Use the information in the adjusted trial balance to prepare Sierra Company's classified balance sheet as of December 31.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![10
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)
Connon stock
Retained earnings
Dividends
Consulting revenue
Wages expense
Depreciation expense-Buildings
Insurance expense
Totals
Debit
$ 41,000
2,300
7,600
110,000
SIERRA COMPANY
Balance Sheet
December 31
20,000
5,300
11,000
3,500
$ 190,500
Credit
$ 30,000
11,500
13,000
24,000
13,500
99,500
$ 190,500
Use the information in the adjusted trial balance to prepare Sierra Company's classified balance sheet as of December 31.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe26c8f8d-7152-4fa4-bb7e-a199e05b3e8e%2F1939d78a-a2cf-4237-948d-cf12f533c683%2F042yvkl_processed.jpeg&w=3840&q=75)
Transcribed Image Text:10
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)
Connon stock
Retained earnings
Dividends
Consulting revenue
Wages expense
Depreciation expense-Buildings
Insurance expense
Totals
Debit
$ 41,000
2,300
7,600
110,000
SIERRA COMPANY
Balance Sheet
December 31
20,000
5,300
11,000
3,500
$ 190,500
Credit
$ 30,000
11,500
13,000
24,000
13,500
99,500
$ 190,500
Use the information in the adjusted trial balance to prepare Sierra Company's classified balance sheet as of December 31.
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