Question
The following is a December 31, 2021, post-closing trial balance for the Jackson Corporation. Account Title Cash Debits $ 40,000 Credits Accounts receivable 34,000 Inventory
The following is a December 31, 2021, post-closing trial balance for the Jackson Corporation. Account Title Cash Debits $ 40,000 Credits Accounts receivable 34,000 Inventory 75,000 Prepaid rent (for the next 8 months) 16,000 Investment in equity securities (short term) 10,000 Machinery 145,000 Accumulated depreciation $ 11,000 Patent (net) 83,000 Accounts payable 8,000 Salaries payable 4,000 Income taxes payable Bonds payable (due in 10 years) Common stock Retained earnings Totals 32,000 200,000 100,000 48,000 $403,000 $403,000 Required: Prepare a classified balance sheet for Jackson Corporation at December 31, 2021, by properly classifying each o the accounts. The following are the typical classifications used in a balance sheet: a. Current assets b. Investments c. Property, plant, and equipment d. Intangible assets e. Other assets f. Current liabilities g. Long-term liabilities h. Paid-in capital i. Retained earnings
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