Question

help please thank youRequired information SIERRA COMPANY Balance Sheet December 31 Total current assets Total assets Total liabilities Total equitCIT05 NUMEWUIK 1 I ...*********************................................********************..............................

0 0
Add a comment Improve this question Transcribed image text
Answer #1
Answer
SIERRA COMPANY
Balance Sheet
Assets
Current Assets
Cash $     17,000
Prepaid Insurance $       1,100
Total current assets $         18,100
Long term assets
Notes receivable (due in 5 years) $           5,200
Plant assets
Buildings $     50,000
Less: Accumulated depreciation $     18,000 $         32,000
Total assets $         55,300
Liabilities
Current Liabilities
Accounts Payable $           5,500
Long term liabilities
Notes payable(due in 3 years) $           6,000
Total liabilities $         11,500
Equity
Common Stock $       8,000
Retained earnings $     35,800
Total equity $         43,800
Total liabilities and equity $         55,300
Workings:
Revenue $     39,500
Less:
Wages $       4,100
Depreciation $       5,000
Insurance $       2,100
Net income $     28,300
Retained earnings $     35,800 [28300+11500-4000]
Add a comment
Know the answer?
Add Answer to:
help please thank you Required information SIERRA COMPANY Balance Sheet December 31 Total current assets Total...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Help please thank you! Required information Income Statement As of December 31 Assets: Total revenue Total...

    Help please thank you! Required information Income Statement As of December 31 Assets: Total revenue Total expense Required 1 Required 2 > 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) Common stock Retained earnings Dividends Consulting revenue...

  • what is missing from the balance sheet th 03 Homework Saved Help Save & Required information...

    what is missing from the balance sheet th 03 Homework Saved Help Save & Required information Use the following information for Quick Studies below. The following information applies to the questions displayed below! Part 2 of 2 The following is the adjusted trial balance of Sierra Company. points eBook 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 Kages expense...

  • Required information Use the following information for Quick Studies below. (The following information applies to the...

    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) Common stock Retained earnings Dividends Consulting revenue Wages expense Depreciation expense-Buildings Insurance expense Totals Debit Credit $ 33,000 1,900 6,800 90,000 $ 26,000 9,500 10,000 12,000 19,500 8,000 79,500...

  • Also, how would you make a balance sheet? Use the following adjusted trial balance of Sierra...

    Also, how would you make a balance sheet? Use the following adjusted trial balance of Sierra Company to prepare its (1) income statement and (2) statement of owner's equity for the year ended December 31. The H. Sierra, Capital account balance was $10,500 on December 31 of the prior year. Credit Debit $ 5,000 500 4,000 20,000 Account Title Cash Prepaid insurance Notes receivable (due in 5 years) Buildings Accumulated depreciation-Buildings Accounts payable Notes payable (due in 3 years) H....

  • The following information is available for Ayayai at December 31, 2019 Buildings Accounts Receivable Prepaid Insurance...

    The following information is available for Ayayai at December 31, 2019 Buildings Accounts Receivable Prepaid Insurance Cash Equipment Land Insurance Expense Depreciation Expense nterest Expense $100,000 2,570 42,450 11,500 97,580 55,000 Accumulated Depreciation-Equipment 18,520 2,100 14,100 $127,500 Share Capital 14,410 Retained Earnings (beginning) 4,550 Accumulated Depreciation Buildings 16,840 Accounts Payable 60,400 Notes Payable 780 Interest Payable 7,240 2,100 Bowling Revenues Prepare a classified statement of financial position. Assume that $12,900 of the notes payable will be paid in 2020. (List...

  • Required information Use the following information for Quick Studies below. [The following information applies to the...

    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. The Retained Earnings account balance was $5,500 on December 31 of the prior year. Credit Debit $ 5,600 500 4,000 20,000 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...

  • 2 WE yeyeuse years H. Sierra, Capital H. Sierra, withdrawals Consulting revenue Mages expense Depreciation expense-Buildings...

    2 WE yeyeuse years H. Sierra, Capital H. Sierra, withdrawals Consulting revenue Mages expense Depreciation expense-Buildings Insurance expense Totals 24,000 5,500 54,5ee 4,400 6,500 2,400 $114,000 $114,00 23 points Book QS 4-10 Preparing financial statements LO C2 Hi Required (1) Prepare an income statement for the year ended December 31, (2) Prepare a statement of owner's equity for the year ended December 31 Complete this question by entering your answers in the tabs below. Beferences Required: Required 2 Prepare an...

  • CULLUMBER COMPANY Balance Sheet December 31, 2022 Assets Current Assets Cash $ Accounts Receivable Total Current...

    CULLUMBER COMPANY Balance Sheet December 31, 2022 Assets Current Assets Cash $ Accounts Receivable Total Current Assets $ $ Long-Term Investments Intangible Assets V: Total Assets Liabilities and Stockholders' Equity Current Liabilities $ Total Liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ These items are taken from the financial statements of Cullumber Company for 2022. Retained earnings (beginning of year) Utilities expense Equipment Accounts payable Cash Salaries and wages payable Common stock Dividends Supplies Debt investment...

  • Presented below is the balance sheet for HHD, Inc., at December 31, 2021. Current assets Investments...

    Presented below is the balance sheet for HHD, Inc., at December 31, 2021. Current assets Investments Property, plant, and equipment Intangible assets Total assets Current liabilities Long-term liabilities Shareholders' equity Total liabilities and shareholders' equity $ 640,000 530,000 2,280,000 220,000 $3,670,000 $ 440.000 830,000 2,400,000 $3,670,000 The captions shown in the summarized statement above include the following: a. Current assets: cash, $160,000; accounts receivable (net). $210,000; inventory, $235,000; and prepaid insurance, $35,000 b. Investments: investment in equity securities, short term,...

  • The following information is available for Ayayai Bowling Alley at December 31, 2022. Buildings Accounts Receivable...

    The following information is available for Ayayai Bowling Alley at December 31, 2022. Buildings Accounts Receivable Prepaid Insurance Cash Equipment Land Insurance Expense Depreciation Expense Interest Expense $127,500 14,410 4,550 16,840 60,400 55,000 Share Capital Retained Earnings (beginning) Accumulated Depreciation-Buildings Accounts Payable Notes Payable Accumulated Depreciation-Equipment Interest Payable Bowling Revenues $100,000 2,970 42,450 11,500 97,580 18,120 2,100 14,100 780 7,240 2,100 Prepare a classified statement of financial position. Assume that $12,900 of the notes payable will be paid in 2023....

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT