Question

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

Account Title		Debits			Credits
Cash	$	52,000
Accounts receivable		46,000
Inventories		87,000
Prepaid rent for the next 8 months		28,000
Marketable securities (short term)		22,000
Machinery		205,000
Accumulated depreciation—machinery				$	23,000
Patent (net of amortization)		91,000
Accounts payable					14,000
Wages payable					10,000
Taxes payable					44,000
Bonds payable (due in 10 years)					260,000
Common stock					150,000
Retained earnings					30,000
Totals	$	531,000		$	531,000

Required:
Prepare a classified balance sheet for Jackson Corporation at December 31, 2018. (Amounts to be deducted should be indicated by a minus sign.)

JACKSON CORPORATION
Balance Sheet
At December 31, 2018

Answer 1

Jackson Corporation

Balance Sheet

At December 31, 2018

Assets	Amount	Liabilities and stockholder's equity	Amount
Current assets :		Current liabilities :
Cash	52,000	Accounts payable	14,000
Accounts receivable	46,000	Wages payable	10,000
Inventories	87,000	Taxes payable	44,000
Prepaid rent	28,000	Total current liabilities	68,000
Marketable securities	22,000	Long term liabilities
Total current	235,000	Bonds payable	260,000
Plant assets		Total liabilities	328,000
Machinery	205,000	Stockholder's equity
Accumulated depreciation	-23,000	Common stock	150,000
Net plant assets	182,000	Retained earnings	30,000
Intangible assets		Total stocholders equity	180,000
patent	91,000
Total assets	$508,000	Total liabilities and stockholder's equity	$508,000