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Please correct everything. Don't mind the numbers I put The following is a December 31, 2021, post-closing trial balance for the Jackson Corporation. Credits Debits
Please correct everything. Don't mind the numbers I put
The following is a December 31, 2021, post-closing trial balance for the Jackson Corporation. Credits Debits $ 43,000 37,000 78,000 19,000 13,000 160,000 $ 14,000 Account Title Cash Accounts receivable Inventory Prepaid rent (for the next 8 months) Investment in equity securities (short term) Machinery Accumulated depreciation Patent (net) Accounts payable Salaries payable Income taxes payable Bonds payable (due in 10 years) Common stock Retained earnings Totals 82,000 9,500 5,500 35,000 170,000 130,000 68,000 $432,000 $432,000 Required: Prepare a classified balance sheet for Jackson Corporation at December 31, 2021, by properly classifying each of the accounts. (Amounts to be deducted should be indicated by a minus sign.) JACKSON CORPORATION Balance Sheet At December 31, 2021 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Investment in equity securities 43,000 37,000 78,000 19,000 13,000 190,000 Total current assets Property, plant, and equipment: | Machinery r$ 160.0001 - - ------ ------- JACKSON CORPORATION Balance Sheet At December 31, 2021 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Investment in equity securities 43,000 37,000 78,000 19,000 13,000 190,000 146,000 Total current assets Property, plant, and equipment: Machinery $ 160,000 Accumulated depreciation (14,000) Net property, plant, and equipment Intangible assets: Accrued liabilities Income Taxes Payable Total assets Liabilities and Shareholders' Equity Current liabilities: Long-Term Investments Bonds payable 15,000 35,000 386,000 $ 170,000 170,000 Total current liabilities Long-term liabilities: Common stock Retained earnings Total liabilities 1,300,000 68,000 1,538,000 -- -- - - - - -- - - - -- - - - - - - - 190,000 146,000 Total current assets Property, plant, and equipment: Machinery $ 160,000 Accumulated depreciation (14,000) Net property, plant, and equipment Intangible assets: Accrued liabilities Income Taxes Payable Total assets Liabilities and Shareholders' Equity Current liabilities: Long-Term Investments Bonds payable 15,000 35,000 386,000 $ 170,000 170,000 Total current liabilities Long-term liabilities: Common stock Retained earnings Total liabilities Shareholders' equity: 1,300,000 68,000 1,538,000 Total shareholders' equity Total liabilities and shareholders' equity $ 1,538,000
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