Question
The following is a December 31, 2021, post-closing trial balance for the Jackson Corporation. Account Title Cash Accounts receivable Inventory Prepaid rent (for the
The following is a December 31, 2021, post-closing trial balance for the Jackson Corporation. Account Title Cash Accounts receivable Inventory Prepaid rent (for the next 8 months) Investment in equity securities (short term) Machinery Patent (net) Accumulated depreciation Accounts payable Salaries payable Income taxes payable Debits Credits $ 58,000 52,000 93,000 34,000 28,000 235,000 $ 29,000 97,000 17,000 13,000 50,000 Bonds payable (due in 10 years) Common stock Retained earnings Totals 250,000 160,000 78,000 $597,000 $597,000 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.) Current assets: JACKSON CORPORATION Balance Sheet At December 31, 2021 Total current assets Property, plant, and equipment: Assets 0 Net property, plant, and equipment 0
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