Hey can you help me with this one please 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$ $ 26,000Accumulated depreciation-BuildingsAccounts payable9,50010,000Notes payable (due in 3 years)L. Sierra, Capital31,5008,000L. Sierra, Withdrawals.Consulting revenueWages expense79,5004,9009,000Depreciation expense-BuildingsInsurance expenseTotals.2,900$ 156,500 $ 156,500Use the information in the adjusted trial balance to prepareSierra Company's classified balance sheet as of December31.Answer is not complete.✓Current assets✓Cash$Prepaid insuranceTotal current assets$Notes receivableBuildingsCurrent assetsAccumulated depreciation-BuildingsTotal assetsCurrent liabilitiesAccounts payableNotes payableTotal liabilitiesL. Sierra, CapitalL. Sierra, WithdrawalsTotal liabilities and equitySIERRA COMPANYBalance SheetDecember 31AssetsLiabilitiesEquity✓>>XX$ 26,000 X$$$33,0001,900✔34,9006,800✔90,000 X26,000157,7009,500✔10,000 X19,50031,500✓8,000 X59,000

The balance sheet tells about the financial position of the business with assets , liabilities and…

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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