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

Question

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

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

Account Title Debits Credits Cash $ 51,000 Accounts receivable 45,000 Inventories 86,000 Prepaid rent for the next 8 months 27,000 Marketable securities (short term) 21,000 Machinery 200,000 Accumulated depreciation—machinery $ 22,000 Patent (net of amortization) 90,000 Accounts payable 13,500 Wages payable 9,500 Taxes payable 43,000 Bonds payable (due in 10 years) 250,000 Common stock 140,000 Retained earnings 42,000 Totals $ 520,000 $ 520,000

Explanation / Answer

Balance Sheet: Assets: Current assets: Cash 51000 Accounts receivable 45000 Inventories 86000 Prepaid rent 27000 marketable Securities 21000 Total Current assets 230000 Property plant and Equipment: machinery 200000 Less: Accumulated dep -22000 178000 Intangible Assets: Patents 90000 Total Assets 498000 Liabilities: Current liabilities: Accounts payable 13500 Wages payable 9500 Taxes payable 43000 Total current liabilities 66000 Long term liabilities: Bonds payable 250000 Total Liabilities 316000 Stockholder's equity: Common Stock 140000 Retained earnings 42000 Total Stockholder's equity 182000 Total Liabilities and Stockholder's equity 498000

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