Question

The following is a December 31, 2021, post-closing trial balance for the Jackson Corporation Cash Accounts receivable Taventory Prepaid rent for the next month) Investment in equity securities (short term) Machinery Aeemulated depreciation Patent (net) Recounts payable Salarios payable Trece taxes payable Bonde payable (due in 10 years) Comon stock Retained earning Totale $ 58,000 52,000 93,000 34,000 28,000 235,000 $ 29,000 97,000 17,000 13,000 50,000 250,000 160,000 78,000 $597,000 $597,000 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.)

Answer 1

JACKSON CORPORATION Balance Sheet December 31,2021 Assets Current Assets: Cash Marketable Securities Accounts recivables Inventories Prepaid Rent Total Current Assets Property, Plant, and Equipment Machinery $ 235,000 Less: accumulated Depreciation- Machinery $ 29,000 Net Property, Plant, and equipment Intangible assets: Patent Total Assets $ $ $ $ $ 58,000 28,000 52,000 93,000 34,000 265,000 $ $ 206,000 $ 97,000 568,000 GA

$ $ $ $ 17,000 13,000 50,000 80,000 Liabilities and Shareholders' Equity Current Liabilities: Accounts Payable Salaries Payable Income taxes payable Total Current Liabilities Long Term liabilities: Bonds Payable Total Liabilities Shareholders' Equity: Common stock $ 160,000 Retained Eranings $ 78,000 Total Shareholders' equity Total Liabilities and Shareholders' Equity $ $ 250,000 330,000 $ 238,000 568,000 $