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QS 4-11 Preparing a classified balance sheet LO C3

Required information 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. Account Title Cash Prepaid insurance Notes receivable (due in 5 years) Buildings Accumulated depreciation-Buildings Accounts payable Notes payable (due in 3 years) H. Sierra, Capital H. Sierra, Withdrawals Consulting revenue Wages expense Depreciation expense-Buildings Insurance expense Totals Debit Credit $19,000 1,200 5,400 55,000 $19,000 6,000 6,500 21,000 4,500 44,500 4,200 5,500 2,200 $97,000 $97,000 QS 4-11 Preparing a classified balance sheet LO C3 Use the information adjusted trial balance to prepare Sierra Company's classified balance sheet as of December 31. * Answer is not complete. SIERRA COMPANY Balance Sheet December 31 Assets Current assets Cash IS Prepaid insurance 19,000 1,200 Total current assets IS 20,200 Long-term investments Notes receivable 5,400 Plant assets Buildings IS 55,000 Total assets 55,000 80,600 IS Liabilities Current liabilities o Accounts payable IS 6,000 Long-term liabilities Notes payable S 6,500 Total liabilities 12.100 Equity H. Sierra Capital 14.200 Total liabilties and equity S 25.00