It says the answer is complete but not entirely correct can u help me please The following is the adjusted trial balance of SierraCompany.Sierra CompanyAdjusted Trial BalanceDecember 31Account TitleDebitCreditCash$ 33,000Prepaid insurance1,9006,800Notes receivable (due in 5 years)Buildings90,000$ 26,000Accumulated depreciation-BuildingsAccounts payable9,500Notes payable (due in 3 years)10,000L. Sierra, Capital31,500L. Sierra, Withdrawals8,000Consulting revenue79,500Wages expense4,9009,000Depreciation expense-BuildingsInsurance expense2,900Totals$ 156,500 $ 156,500Use the information in the adjusted trial balance to prepareSierra Company's classified balance sheet as of December31.SIERRA COMPANYBalance SheetDecember 3100$ Use the information in the adjusted trial balance to prepareSierra Company's classified balance sheet as of December31.X Answer is complete but not entirely correct.SIERRA COMPANYBalance SheetDecember 31AssetsCurrent assetsCash$33,000Prepaid insurance1,900Total current assets$34,900Long-term investmentsNotes receivable6,800Plant assetsBuildingsAccumulated depreciation-BuildingsTotal assetsCurrent liabilitiesAccounts payableLong-term liabilitiesNotes payableTotal liabilitiesL. Sierra, CapitalNotes receivableTotal liabilities and equityLiabilitiesEquity✓✓$ 90,00026,000✓X$$$364,000105,7009,50010,00019,50023,500 X62,700 x105,700

A balance sheet is a financial statement that shows the assets, liabilities, and shareholder equity…

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: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter2: Financial Statements And The Annual Report

Section: Chapter Questions

Problem 2.5E: Classification of Assets and Liabilities Indicate the appropriate classification of each of the...

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