Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following is the adjusted trial balance of Sierra Company. Please help fill out the rest, thanks. Required information [The following information applies to the
The following is the adjusted trial balance of Sierra Company.
Please help fill out the rest, thanks.
Required information [The following information applies to the questions displayed below.) The following is the adjusted trial balance of Sierra Company. Account Title Cash Prepaid insurance Notes receivable (due in 5 years) Buildings Accumulated depreciation-Buildings Accounts payable Notes payable (due in 3 years) Common stock Retained earnings Dividends Consulting revenue Wages expense Depreciation expense-Buildings Insurance expense Totals Debit Credit $13,000 900 4,800 40,000 $16,000 4,500 5,000 7,000 9,500 3,000 29,500 3,900 4,000 1,900 $71,500 $71,500 Use the information adjusted trial balance to prepare Sierra Company's classified balance sheet as of December 31. SIERRA COMPANY Balance Sheet December 31 Assets Current assets Cash Prepaid insurance $ 13,000 900 $ 13,900 Total current assets Long-term investments Notes receivable 4.800 Plant assets Buildings $ 40,000 40,000 58,700 Total assets Liabilities Current liabilities Accounts payable 4.500 Long-term liabilities Notes payable 5,000 Total liabilities 9,500 Equity Retained earnings Common stock 26,000 7,000 Total equity Total liabilities and equity 33,000 42,500 $Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started