Sierra CompanyAdjusted Trial BalanceDecember 31Account TitleDebitCredit$ 41,0002,3007,600110,000CashPrepaid insuranceNotes receivable (due in 5 years)BuildingsAccumulated depreciation-BuildingsAccounts payableNotes payable (due in 3 years)L. Sierra, CapitalL. Sierra, WithdrawalsConsulting revenue$ 30,00011,50012,00b37,50010,00099,5005,30011,0003,300$ 190,500Wages expenseDepreciation expense-BuildingsInsurance expenseTotals$ 190,500Use the information in the adjusted trial balance to prepareSierra Company's classified balance sheet as of December31.SIERRA COMPANYBalance SheetDecember 31

The balance sheet is an essential part of the financial statement. It indicates the financial…

December 31 Debit $ 41,000 2,300 7,600 110,000 Account Title Credit 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 $ 30,00p 11,500 12,00p 37,500 10,000 99,500 5,300 11,000 3,300 $ 190,500 $ 190,500 Totals Use the information in the adjusted trial balance to prepare Sierra Company's classified balance sheet as of December 31.

December 31 Debit $ 41,000 2,300 7,600 110,000 Account Title Credit 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 $ 30,00p 11,500 12,00p 37,500 10,000 99,500 5,300 11,000 3,300 $ 190,500 $ 190,500 Totals Use the information in the adjusted trial balance to prepare Sierra Company's classified balance sheet as of December 31.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 25P

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