Question

I need to create a classified balance sheet but i'm havjng trouble. It's still missing information and some areas are still incorrect.

Return to qui The following is a December 31, 2018, post-closing trial balance for the Jackson Corporation Credits Debits $ 45,000 39,000 80.000 21,000 15,000 170,000 Account Title Cash Accounts receivable Inventories Prepaid rent for the next 8 months Marketable securities (short tern) Machinery Accumulated depreciation machinery Patent (net of amortization) Accounts payable Wages payable Taxes payable Bonds payable (due in 10 years) Common stock Retained earnings Totals 84,000 $454,900 5454, Required: Prepare a classified balance sheet for Jackson Corporation at December 31, 2018. (Amounts to be deducted should be indicated by a minus sign.) Answer is not complete. JACKSON CORPORATION Balance Sheet At December 31, 2018 Assets Current assets Cash Accounts receivable Inventories Prepaid rent Marketable securities 45,000 39,000 80,000 21,000 15,000 Total current assets 200,000 < Prey 5 of 8 3 Next > @O4 Prevailing Rates + Fringe = 3 bags mantan = 100 Black Pavement /Asphalt sollar donth"

Answer 1

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Required Answers are highlighted in yellow: Solution: Balance Sheet Assets Current Assets: Cash Accounts receivable Inventories Prepaid rent Marketable securities 45000 39000 80000 21000 15000 Total Current assets Property, plant and Equipment: Machinery Accumulated Depreciation Net Property, plant and equipment Intangible assets 200000 170000 16000 154000 Patent 84000 Total Assets 438000 Liabilitios and Stockboldorc Couitv

Liabilities and Stockholders' Equity Current Liabilities: Accounts Payable Wages Payable Taxes Payable 10500 6500 37000 Total Current Liabilities Long-term liabilities: Bonds payable 54000 190000 Total Liabilities Stockholders' equity: Common Stock 244000 150000 Retained Earnings 44000 Total Stockholders equity Total Liabilities and Stockholders' equity 194000 438000