Use the information in the adjusted trial balance to prepare Sierra Company’s classified balance sheet as of December 31.[The following information applies to the questions displayed below.]The following is the adjusted trial balance of Sierra Company.Sierra CompanyAdjusted Trial BalanceDecember 31Account TitleDebitCreditCash$ 13,000 Prepaid insurance900 Notes receivable (due in 5 years)4,800 Buildings40,000 Accumulated depreciation—Buildings $ 16,000Accounts payable 4,500Notes payable (due in 3 years) 5,000Common stock 10,000Retained earnings 6,500Dividends3,000 Consulting revenue 29,500Wages expense3,900 Depreciation expense—Buildings4,000 Insurance expense1,900 Totals$ 71,500$ 71,500 Required informationCurrent assetsCashPrepaid insuranceTotal current assetsTotal assetsDecember 31Assets$$GA$13,00090013,900013,900

The income statement is a financial statement which shows the total revenue and total expense of the…

Answered: to prepare Sierra Company’s classified…

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to prepare Sierra Company’s classified balance sheet as of December 31.

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter5: Operating Activities: Purchases And Cash Payments

Section: Chapter Questions

Problem 2.15C

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Sierra Company
Adjusted Trial Balance
December 31
Account Title	Debit	Credit
Cash	$ 13,000
Prepaid insurance	900
Notes receivable (due in 5 years)	4,800
Buildings	40,000
Accumulated depreciation—Buildings		$ 16,000
Accounts payable		4,500
Notes payable (due in 3 years)		5,000
Common stock		10,000
Retained earnings		6,500
Dividends	3,000
Consulting revenue		29,500
Wages expense	3,900
Depreciation expense—Buildings	4,000
Insurance expense	1,900
Totals	$ 71,500	$ 71,500

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