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The following is the adjusted trial balance of Sierra Company. Sierra Company Adjusted Trial Balance December 31 Account Title Debit Credit Cash $ 33,000 Prepaid insurance 1,900 6,800 Notes receivable (due in 5 years) Buildings 90,000 $ 26,000 Accumulated depreciation-Buildings Accounts payable 9,500 Notes payable (due in 3 years) L. Sierra, Capital 10,000 31,500 L. Sierra, Withdrawals 8,000 Consulting revenue 79,500 Wages expense 4,900 9,000 Depreciation expense-Buildings Insurance expense 2,900 Totals $ 156,500 $ 156,500 e the information in the adjusted trial balance to prepare ra Company's classified balance sheet as of December SIERRA COMPANY Balance Sheet

The following is the adjusted trial balance of Sierra Company. Sierra Company Adjusted Trial Balance December 31 Account Title Debit Credit Cash $ 33,000 Prepaid insurance 1,900 6,800 Notes receivable (due in 5 years) Buildings 90,000 $ 26,000 Accumulated depreciation-Buildings Accounts payable 9,500 Notes payable (due in 3 years) L. Sierra, Capital 10,000 31,500 L. Sierra, Withdrawals 8,000 Consulting revenue 79,500 Wages expense 4,900 9,000 Depreciation expense-Buildings Insurance expense 2,900 Totals $ 156,500 $ 156,500 e the information in the adjusted trial balance to prepare ra Company's classified balance sheet as of December SIERRA COMPANY Balance Sheet

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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It says the answer is complete but not entirely correct can u help me please
The following is the adjusted trial balance of Sierra Company. Sierra Company Adjusted Trial Balance December 31 Account Title Debit Credit Cash $ 33,000 Prepaid insurance 1,900 6,800 Notes receivable (due in 5 years) Buildings 90,000 $ 26,000 Accumulated depreciation-Buildings Accounts payable 9,500 Notes payable (due in 3 years) 10,000 L. Sierra, Capital 31,500 L. Sierra, Withdrawals 8,000 Consulting revenue 79,500 Wages expense 4,900 9,000 Depreciation expense-Buildings Insurance expense 2,900 Totals $ 156,500 $ 156,500 Use the information in the adjusted trial balance to prepare Sierra Company's classified balance sheet as of December 31. SIERRA COMPANY Balance Sheet December 31 0 0 $
Transcribed Image Text:The following is the adjusted trial balance of Sierra Company. Sierra Company Adjusted Trial Balance December 31 Account Title Debit Credit Cash $ 33,000 Prepaid insurance 1,900 6,800 Notes receivable (due in 5 years) Buildings 90,000 $ 26,000 Accumulated depreciation-Buildings Accounts payable 9,500 Notes payable (due in 3 years) 10,000 L. Sierra, Capital 31,500 L. Sierra, Withdrawals 8,000 Consulting revenue 79,500 Wages expense 4,900 9,000 Depreciation expense-Buildings Insurance expense 2,900 Totals $ 156,500 $ 156,500 Use the information in the adjusted trial balance to prepare Sierra Company's classified balance sheet as of December 31. SIERRA COMPANY Balance Sheet December 31 0 0 $
Use the information in the adjusted trial balance to prepare Sierra Company's classified balance sheet as of December 31. X Answer is complete but not entirely correct. SIERRA COMPANY Balance Sheet December 31 Assets Current assets Cash $ 33,000 Prepaid insurance 1,900 Total current assets $ 34,900 Long-term investments Notes receivable 6,800 Plant assets Buildings Accumulated depreciation-Buildings Total assets Current liabilities Accounts payable Long-term liabilities Notes payable Total liabilities L. Sierra, Capital Notes receivable Total liabilities and equity Liabilities Equity ✓ ✓$ 90,000 26,000 ✓ X $ $ $ 3 64,000 105,700 9,500 10,000 19,500 23,500 X 62,700 x 105,700
Transcribed Image Text:Use the information in the adjusted trial balance to prepare Sierra Company's classified balance sheet as of December 31. X Answer is complete but not entirely correct. SIERRA COMPANY Balance Sheet December 31 Assets Current assets Cash $ 33,000 Prepaid insurance 1,900 Total current assets $ 34,900 Long-term investments Notes receivable 6,800 Plant assets Buildings Accumulated depreciation-Buildings Total assets Current liabilities Accounts payable Long-term liabilities Notes payable Total liabilities L. Sierra, Capital Notes receivable Total liabilities and equity Liabilities Equity ✓ ✓$ 90,000 26,000 ✓ X $ $ $ 3 64,000 105,700 9,500 10,000 19,500 23,500 X 62,700 x 105,700
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