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Required information Use the following information for Quick Studies below. (Algo) [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) Common stock Retained earnings Dividends Consulting revenue Wages expense Depreciation expense-Buildings Insurance expense Totals Debit $ 29,000 1,700 6,400 80,000 7,000 4,700 8,000 2,700 $ 139,500 Credit $ 24,000 8,500 9,000 18,000 10,500 69,500 $ 139,500

Required information Use the following information for Quick Studies below. (Algo) [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) Common stock Retained earnings Dividends Consulting revenue Wages expense Depreciation expense-Buildings Insurance expense Totals Debit $ 29,000 1,700 6,400 80,000 7,000 4,700 8,000 2,700 $ 139,500 Credit $ 24,000 8,500 9,000 18,000 10,500 69,500 $ 139,500

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Required information Use the following information for Quick Studies below. (Algo) [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) Common stock Retained earnings Dividends Consulting revenue Wages expense Depreciation expense-Buildings Insurance expense Totals Debit $ 29,000 1,700 6,400 80,000 7,000 4,700 8,000 2,700 $ 139,500 Credit $ 24,000 8,500 9,000 18,000 10,500 69,500 $ 139,500
Transcribed Image Text:Required information Use the following information for Quick Studies below. (Algo) [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) Common stock Retained earnings Dividends Consulting revenue Wages expense Depreciation expense-Buildings Insurance expense Totals Debit $ 29,000 1,700 6,400 80,000 7,000 4,700 8,000 2,700 $ 139,500 Credit $ 24,000 8,500 9,000 18,000 10,500 69,500 $ 139,500
Required information Current assets Cash Prepaid insurance Total current assets Long-term investments Buildings Accumulated depreciation-Buildings Equity Consulting revenue Common stock SIERRA COMPANY Balance Sheet December 31 Assets Total assets I iahilities x X XS x 69,500 X 18,000 X $ S $ 29,000 1,700 0 30,700 80,000 X (24,000) 51,500 138,200
Transcribed Image Text:Required information Current assets Cash Prepaid insurance Total current assets Long-term investments Buildings Accumulated depreciation-Buildings Equity Consulting revenue Common stock SIERRA COMPANY Balance Sheet December 31 Assets Total assets I iahilities x X XS x 69,500 X 18,000 X $ S $ 29,000 1,700 0 30,700 80,000 X (24,000) 51,500 138,200
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