Question: I need help to fix it please. This is the third time I've asked the same question and it's always wrong. I need help please.


Required information Use the following information for Quick Studies below. (Static) (The following information applies to the questions displayed below.] The following is the adjusted trial balance of Sierra Company. Credit Sierra Company Adjusted Trial Balance December 31 Account Title Debit Cash $ 5,000 Prepaid insurance 500 Notes receivable (due in 5 years) 4,000 Buildings 20,000 Accumulated depreciation-Buildings Accounts payable Notes payable (due in 3 years) Common stock Retained earnings Dividends 1,000 Consulting revenue Wages expense 3,500 Depreciation expense-Buildings 2,000 Insurance expense 1,500 Totals $37,500 $ 12,000 2,500 3,000 6,000 4,500 9,500 $ 37,500 QS 3-31 (Static) Preparing a classified balance sheet LO C2 QS 3-31 (Static) Preparing a classified balance sheet LO C2 Use the information in the adjusted trial balance to prepare Sierra Company's classified balance sheet as of D Answer is not complete. SIERRA COMPANY Balance Sheet December 31 Assets Current assets Cash $ Prepaid insurance 5,000 500 $ 5,500 Total current assets Current assets Buildings Accumulated depreciation-Buildings 20,000 12,000 Notes receivable $ 8,000 X 4,000 X Total assets 4,000 41,500 $ Liabilities Required information x Buildings Accumulated depreciation-Buildings 20,000 X 12,000 X x Notes receivable x $ 8,000 X 4,000 X 4,000 Total assets $ 41,500 Liabilities Current liabilities $ 2,500 Accounts payable Notes payable x 3,000 X Total liabilities 5,500 Equity Common stock 5,000 X Retained earnings 7,000 X Total equity Total liabilities and equity 12,000 17,500 $
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