Question
The following is a December 31, 2018, post-closing trial balance for the Jackson Corporation. Account Title Debits Credits Cash $ 60,000 Accounts receivable 54,000 Inventories
The following is a December 31, 2018, post-closing trial balance for the Jackson Corporation. Account Title Debits Credits Cash $ 60,000 Accounts receivable 54,000 Inventories 95,000 Prepaid rent for the next 8 months 36,000 Marketable securities (short term) 30,000 Machinery 245,000 Accumulated depreciationmachinery $ 31,000 Patent (net of amortization) 99,000 Accounts payable 18,000 Wages payable 14,000 Taxes payable 52,000 Bonds payable (due in 10 years) 270,000 Common stock 180,000 Retained earnings 54,000 Totals $ 619,000 $ 619,000 Required: Prepare a classified balance sheet for Jackson Corporation at December 31, 2018. (Amounts to be deducted should be indicated by a minus sign.)
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