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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 next
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 $ 47,000 41,000 82,000 23,000 17,000 180,000 $ 18,000 86,000 11,500 7,500 39,000 210,000 100,000 90,000 $476,000 $476,000 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 slgn.) JACKSON CORPORATION Balance Sheet At December 31, 2021 Assets Current assets: Total current assets 0 Property, plant, and equipment: 0 Net property, plant, and equipment Intangible assets: Total assets $ 0 Liabilities and Shareholders' Equity Current liabilities: Total current liabilities 0 Long-term liabilities: 0 Total liabilities Shareholders' equity: 0 Total shareholders' equity Total liabilities and shareholders' equity $ 0
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