Answered step by step
Verified Expert Solution
Question
1 Approved Answer
hi I need help answering the following question You have been asked to review the December 31, 2021, balance sheet for Champion Cleaning. After completing
hi I need help answering the following question
You have been asked to review the December 31, 2021, balance sheet for Champion Cleaning. After completing your review. you list The following three items for discussion with your superior 1. An investment of $38,000 is included in current assets. Management has indicated that it has no intention of liquidating the investment in 2022 2 A $180,000 note payable is listed as a long-term liability, but you have determined that the note is due in 10. equal annual installments with the first installment due on March 31, 2022 3. Deferred revenue of $84.000 is included as a current liability even though only two-thirds will be recognized as revenue in 2022. and the other one-third in 2023. Determine the appropriate classification of each of these items. (If no entry is required for classification, choose "No entry") Amount Current Classification Amount Long-term Classification 1 Investment 2 installment note 3. Deferred revenue The following is a December 31, 2021, pou closing trtal balance for the Jadson Corporation ALTER Cash $49.000 Accounts receivable Inventory 84.000 Prepaid rent (for the next months) 25,000 Investment in equity securities (chort term) 19.000 Machinery Accumulated depreciation Patent (et) 28,00 Accounts payable 12,50 Salaries payable 8.50 Tacone tants payable Bonds payable (due in 10 years) 20.000 Con stock 120,000 Retained earnings Totals sa.ee 5.498. Required: Prepare a classified balance shoot for Jackson Corporation at December 31, 2021 by property de (Amounts to be deducted should be indicated by a minussion) JACKSON CORPORATION Balance At December 21 21 Assets Current assets Total current assets Property, plant and event Net property, plant and equipment Totalt 3 Libilities and Shareholders Equity Current liabi Torx curent el Lorem Teos Share Today Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started