Question

The following is a December 31, 2018, post-closing trial balance for the Jackson Corporation. Account Title...

The following is a December 31, 2018, post-closing trial balance for the Jackson Corporation. Account Title Debits Credits Cash 47,000 Accounts receivable 41,000 Inventories 82,000 Prepaid rent for the next 8 months 23,000 Marketable securities (short term) 17,000 Machinery 180,000 Accumulated depreciation—machinery 18,000 Patent (net of amortization) 86,000 Accounts payable 11,500 Wages payable 7,500 Taxes payable 39,000 Bonds payable (due in 10 years) 210,000 Common stock 100,000 Retained earnings 90,000 Totals 476,000 476,000 Required: Prepare a classified balance sheet for Jackson Corporation at December 31, 2018. (Amounts to be deducted should be indicated by a minus sign.)

Homework Answers

Answer #1

Prepare classified balance sheet :

ASSETS AMOUNT LIABILITIES AND STOCKHOLDER'S EQUITY AMOUNT
Current Assets Current Liabilities
Cash 47000 Account payable 11500
Account receivable 41000 Wages payable 7500
Inventories 82000 Taxes payable 39000 58000
Prepaid rent 23000 Long term Liabilities
Marketable securities 17000 210000 Bonds payable 210000
Non current assets Stockholder's equity
Machinery 180000 Common stock 100000
Less: Accumlated depreciation (18000) Retained earnings 90000 190000
Patent 86000 248000
Total 458000 Total 458000
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