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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 Accumulated depreciation Patent (net) Accounts payable Salaries payable Income taxes payable Bonds payable (due in 10 years) Common stock Retained earnings Totals Debits Credits $ 60,000 54,000 95,000 36,000 30,000 245,000 $ 31,000 99,000 18,000 14,000 52,000 270,000 180,000 54,000 $619,000 $619,000 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: Net property, plant, and equipment Intangible assets: Total assets Current liabilition: Assets Liabilities and Shareholders' Equity
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