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 $ 21,000 1,300 5,600 60,000 Credit $ 20,000 6,500 7,000 14,000 8,500 49,500 5,000 4,300 6,000 2,300 $ 105,500 $ 105,500
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 $ 21,000 1,300 5,600 60,000 Credit $ 20,000 6,500 7,000 14,000 8,500 49,500 5,000 4,300 6,000 2,300 $ 105,500 $ 105,500
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Topic Video
Question
QS 3-31 (Algo) Preparing a classified balance sheet LO C2
Use the information in the adjusted
![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
$ 21,000
1,300
5,600
60,000
Credit
$ 20,000
6,500
7,000
14,000
8,500
49,500
5,000
4,300
6,000
2,300
$ 105,500 $ 105,500](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F774523ce-3a51-4bc4-be32-46ffad56d616%2F935c0516-a3c8-463c-ac4f-129ff49bc4f1%2Fdeasndb_processed.png&w=3840&q=75)
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
$ 21,000
1,300
5,600
60,000
Credit
$ 20,000
6,500
7,000
14,000
8,500
49,500
5,000
4,300
6,000
2,300
$ 105,500 $ 105,500
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