Question

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Check m The following is a December 31, 2021, post-closing trial balance for the Jackson Corporation. 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 Debits Credits $ 57,000 51,000 92,000 33,000 27,000 230,000 $ 28,000 96,000 16,500 12,500 49,000 240,000 200,000 40,000 $586,000 $586,000

Answer 1

Jackson Corporation Balance sheet 31-Dec-21 Assets Current assets Cash Accounts Receivables Inventory Prepaid Rent Investment in equity security Total Current assets $ $ $ $ $ $ 57,000 51,000 92,000 33,000 27,000 260,000 $ $ 230,000 28,000 Less Property Plant and Equipment Machinery Accumulated Depriciation Net property plant and equipment Intangible assets Patent Total assets $ 202,000 $ 96,000 $ 558,000 Liabilities & Stockholder's Equity Liabilities Current Liabilities Accounts Payable Salary Payable Income Tax payable Total Current Liabilities $ $ $ $ 16,500 12,500 49,000 78,000 Long Term Liabilities: Bonds Payable Total Liabilities $ Ś 240,000 318,000 Shareholders Equity Common Stock I$ Retained Earnings $ Total Shareholders Equity Total Liabilities & Stockholder's Equity 200.000 40,000 Add $ 240,000 $ 558,000