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The following is a December 31, 2018, post-closing trial balance for the Jackson Corporation. Account Title Debits Credits Cash $ 50,000 Accounts receivable 44,000 Inventories
The following is a December 31, 2018, post-closing trial balance for the Jackson Corporation.
Account Title | Debits | Credits | ||||
Cash | $ | 50,000 | ||||
Accounts receivable | 44,000 | |||||
Inventories | 85,000 | |||||
Prepaid rent for the next 8 months | 26,000 | |||||
Marketable securities (short term) | 20,000 | |||||
Machinery | 195,000 | |||||
Accumulated depreciationmachinery | $ | 21,000 | ||||
Patent (net of amortization) | 89,000 | |||||
Accounts payable | 13,000 | |||||
Wages payable | 9,000 | |||||
Taxes payable | 42,000 | |||||
Bonds payable (due in 10 years) | 240,000 | |||||
Common stock | 130,000 | |||||
Retained earnings | 54,000 | |||||
Totals | $ | 509,000 | $ | 509,000 | ||
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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