Account TitleCreditDebit$ 33,000CashPrepaid insurance1,900Notes receivable (due in 5 years)Buildings.6,80090,000$ 26,000Accumulated depreciation-BuildingsAccounts payable9,500Notes payable (due in 3 years)L. Sierra, Capital10,00031,500L. Sierra, Withdrawals8,000Consulting revenueWages expense79,5004,900Depreciation expense-BuildingsInsurance expense9,0002,900Totals$ 156,500 $ 156,500Use the information in the adjusted trial balance to prepareSierra Company's classified balance sheet as December31.SIERRA COMPANYBalance SheetDecember 3100$ 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$

The balance sheet is one of the important financial statements of the business which tells about the…

Account Title Cash Prepaid insurance Notes receivable (due in 5 years) Buildings Accumulated depreciation-Buildings Accounts payable Notes payable (due in 3 years) L. Sierra, Capital L. Sierra, Withdrawals Consulting revenue Wages expense Depreciation expense-Buildings Insurance expense Totals Debit $ 33,000 1,900 6,800 90,000 8,000 4,900 9,000 2,900 $ 156,500 Credit $ 26,000 9,500 10,000 31,500 79,500 $ 156,500

Account Title Cash Prepaid insurance Notes receivable (due in 5 years) Buildings Accumulated depreciation-Buildings Accounts payable Notes payable (due in 3 years) L. Sierra, Capital L. Sierra, Withdrawals Consulting revenue Wages expense Depreciation expense-Buildings Insurance expense Totals Debit $ 33,000 1,900 6,800 90,000 8,000 4,900 9,000 2,900 $ 156,500 Credit $ 26,000 9,500 10,000 31,500 79,500 $ 156,500

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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Classification of Assets and Liabilities Indicate the appropriate classification of each of the following as a current asset (CA), noncurrent asset (NCA), current liability (CL), or long-term liability (LTL). ______ 1. Inventory ______ 2. Accounts payable ______ 3. Cash ______ 4. Patents ______ 5. Notes payable, due in six months ______ 6. Taxes payable ______ 7. Prepaid rent (for the next nine months) ______ 8. Bonds payable, due in ten years ______ 9. Machinery
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