Question

The following is a December 31, 2021, post-closing trial balance for the Jackson Corporation. Credits Debits $ 44,000 38,000 79,000 20,000 14,000 165,000 $ 15,000 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 83,000 10,000 6,000 36,000 180,000 140,000 56,000 $443,000 3,000 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

Answer 1

JACKSON CORPORATION Balance Sheet At December 31, 2021
Assets
Current Assets:
- Cash	$44,000
- Equity Securities	14,000
- Accounts Receivable	38,000
- Inventories	79,000
- Prepaid Rent	20,000
Total Current Assets		$195,000
Non Current Assets:
Property, Plant and Equipment
Machinery	165,000
Accumulated Depreciation	-15,000
Net Property Plant and Equipment		150,000
Intangible Assets
Patent		83,000
Total Assets		$428,000
Liabilities and Shareholder's Equity
Current Liabilities
Accounts payable	10,000
Salaries Payable	6,000
Taxes Payable	36,000
Total Current Liabilities		52,000
Long Term Liabilities
Bonds Payable	180,000	180,000
Shareholder's Equity
Common Stock	140,000
Retained Earnings	56,000
Total Shareholders Equity		196,000
Total Liabilities and Shareholder's Equity		$428,000