Question

The following is a December 31, 2021, post-closing trial balance for the Jackson Corporation. 12 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 $ 50,000 44,000 85,000 26,000 20,000 195,000 $ 21,000 89,000 13,000 9,000 42,000 240,000 130,000 54,000 $509,000 $509,000

Answer 1

BALANCE SHEET

AT DECEMBER 31, 2021

Assets
Current Assets
Cash		50,000
Account Receivables		44,000
Inventory		85,000
Prepaid Rent		26,000
Investment in Equity Shares (short term)		20,000
Total Currrent Assets		2,25,000
Property, Plant and Equipement
Machinery		1,95,000
Accumulated Depreciation		(21,000)
Net Property, Plant and Equipement		1,74,000
Intangible Assets
Patent		89,000
Total Assets		4,88,000
Liabilities & Shareholder's Equity
Current Liabilities
Accounts Payable		13,000
Salary Payable		9,000
Income Tax Payable		42,000
Total Current Liabilities		64,000
Long- Term Liabilities
Bonds Payable		2,40,000
Total Liablities		3,04,000
Sahreholder's Equity
Common Stock	1,30,000
Retained Earnings	54,000
Sahreholder's Equity		1,84,000
Total Liabilities & Shareholder's Equity		4,88,000