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The following is a December 31, 2018, post-closing trial balance for the Jackson Corporation. Account Title Debits Credits Cash $ 54,000 Accounts receivable 48,000 Inventories
The following is a December 31, 2018, post-closing trial balance for the Jackson Corporation.
| Account Title | Debits | Credits | ||||
| Cash | $ | 54,000 | ||||
| Accounts receivable | 48,000 | |||||
| Inventories | 89,000 | |||||
| Prepaid rent for the next 8 months | 30,000 | |||||
| Marketable securities (short term) | 24,000 | |||||
| Machinery | 215,000 | |||||
| Accumulated depreciationmachinery | $ | 25,000 | ||||
| Patent (net of amortization) | 93,000 | |||||
| Accounts payable | 15,000 | |||||
| Wages payable | 11,000 | |||||
| Taxes payable | 46,000 | |||||
| Bonds payable (due in 10 years) | 210,000 | |||||
| Common stock | 170,000 | |||||
| Retained earnings | 76,000 | |||||
| Totals | $ | 553,000 | $ | 553,000 | ||
Required: Prepare a classified balance sheet for Jackson Corporation at December 31, 2018
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Cadmus Operational Auditing W R Institute Of Internal Auditors Professional Books Series
Authors: David S. Kowalczyk
1st Edition
047182660X, 978-0471826606
