Required Information Use the following information for Quick Studies below. (Algo) [The following Information applies to...

Transcribed Image Text:

Required Information Use the following information for Quick Studies below. (Algo) [The following Information applies to the questions displayed below] The following is the adjusted trial balance of Sierra Company. Sierra Company Adjusted Trial Balance December 31 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 $ 21,000 1,300 5,600 60,000 $ 20,000 6,500 7,000 14,000 8,500 5,000 49,500 4,300 6,000 2,300 $ 105,500 $ 105,500 QS 3-31 (Algo) 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 December 31. SIERRA COMPANY Balance Sheet December 31 Required Information Use the following information for Quick Studies below. (Algo) [The following Information applies to the questions displayed below] The following is the adjusted trial balance of Sierra Company. Sierra Company Adjusted Trial Balance December 31 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 $ 21,000 1,300 5,600 60,000 $ 20,000 6,500 7,000 14,000 8,500 5,000 49,500 4,300 6,000 2,300 $ 105,500 $ 105,500 QS 3-31 (Algo) 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 December 31. SIERRA COMPANY Balance Sheet December 31