Use the following information for Quick Studies below.

[The following information applies to the questions displayed below.] The following is the adjusted trial balance of Sierra Company. The Retained Earnings account balance was $5,500 on December 31 of the prior year.Reference Income Statement and Retained Earings statement.

Use the information adjusted trial balance to prepare Sierra Companys classified balance sheet as of December 31.

***Please follow the worksheet below and please see the side information.***

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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 $ 5,000 500 4,000 20,000 $12,000 2,500 3,000 5,000 5,500 1,000 9,500 3,500 2,000 1,500 $37,500 $37,500 SIERRA COMPANY Income Statement For Year Ended December 31 Revenues: Consulting revenue $ 9,500 $ 9,500 Total revenue Expenses: Wages expense Depreciation expenseBuildings $ 3,500 2,000 Insurance expense 1,500 Total expense 7,000 $ 2,500 Net income SIERRA COMPANY Statement of Retained Earnings For Year Ended December 31 end Retained earnings, December 31 prior year $ 5,500 2,500 Add: Net income 8,000 Less: Dividends 1,000 Retained earnings, December 31 current year end $ 7,000 Sierra Company Balance Sheet 31-Dec The Yellow Hightlight part should use the terms: Assets Equity Liabilities $ Total current assets The Orange highlight part should use the tearms: Current Assets Current liabilities Equity Long-term liabilities Long-term investments Plant assets Total assets $ $ The terms shoulb be in the blank: Accounts payable Accumulated depreciation-Buildings Buidings Cash Common stock Cousulting revenue Depreciation expense - Buildings Dividends Insurance expense Notes payable/receivable Prepaid insurance Retained earnings Wages expense Total liabilities Total equity Total liabilities and equity **Note: The bold frame is the place we can fill, be careful the cell with green highlight $