Question
The following is a December 31, 2018, post-closing trial balance for the Jackson Corporation. Account Title Debits Credits Cash $ 46,000 Accounts receivable 40,000 Inventories
The following is a December 31, 2018, post-closing trial balance for the Jackson Corporation.
| Account Title | Debits | Credits | ||||
| Cash | $ | 46,000 | ||||
| Accounts receivable | 40,000 | |||||
| Inventories | 81,000 | |||||
| Prepaid rent for the next 8 months | 22,000 | |||||
| Marketable securities (short term) | 16,000 | |||||
| Machinery | 175,000 | |||||
| Accumulated depreciationmachinery | $ | 17,000 | ||||
| Patent (net of amortization) | 85,000 | |||||
| Accounts payable | 11,000 | |||||
| Wages payable | 7,000 | |||||
| Taxes payable | 38,000 | |||||
| Bonds payable (due in 10 years) | 200,000 | |||||
| Common stock | 160,000 | |||||
| Retained earnings | 32,000 | |||||
| Totals | $ | 465,000 | $ | 465,000 | ||
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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Management Accounting Information for Decision-Making and Strategy Execution
Authors: Anthony A. Atkinson, Robert S. Kaplan, Ella Mae Matsumura, S. Mark Young
6th Edition
137024975, 978-0137024971
