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, Withdrawals8,00079,500Consulting revenueWages 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 310$0

The financial statements are prepared by the business entity to show the performance of the…

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 Accumulated depreciation-Buildings Accounts payable $ 26,000 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 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 Accumulated depreciation-Buildings Accounts payable $ 26,000 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.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter21: Corporations: Taxes, Earnings, Distributions, And The Statement Of Retained Earnings

Section: Chapter Questions

Problem 10SPB

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