Question

The following is a December 31, 2021, post-closing trial balance for the Jackson Corporation. Credits Debits $ 43,000 37,000 78,000 19,000 13,000 160,000 $ 14,000 Account Title Cash Accounts receivable Inventory Prepaid rent (for the next 8 months) Investment in equity securities (short term) Machinery Accumulated depreciation Patent (net) Accounts payable Salaries payable Income taxes payable Bonds payable (due in 10 years) Common stock Retained earnings Totals 82,000 9,500 5,500 35,000 170,000 130,000 68,000 $432,000 $432,000 Required: Prepare a classified balance sheet for Jackson Corporation at December 31, 2021, by properly classifying each of the accounts. (Amounts to be deducted should be indicated by a minus sign.) JACKSON CORPORATION Balance Sheet At December 31, 2021 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Investment in equity securities 43,000 37,000 78,000 19,000 13,000 190,000 Total current assets Property, plant, and equipment: | Machinery r$ 160.0001

Please correct everything. Don't mind the numbers I put

Answer 1

JACKSON CORPORATION Balance Sheet At December 31, 2021 Assets Current assets Cash Investment in equity securities Accounts receivable Inventory Prepaid rent $43,000 13,000 37,000 78,000 19,000 190,000 Total current assets Property, plant, and equipment Machinery Accumulated depreciation Net property, plant, and equipment Intangible assets Patent $160,000 -14,000 146,000 82,000 Total assets $418,000

Liabilities and Shareholders' Equity Current liabilities Accounts payable Salaries payable Income taxes payable $9,500 5,500 35,000 50,000 Total current liabilities Long-term liabilities Bonds payable 170,000 220,000 Total liabilities Shareholders' equity Common stock Retained earnings $130,000 68,000 198,000 Total shareholders' equity Total liabilities and shareholders' equity and Shareholders' equity $475,000