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The following is a December 31, 2021, post-closing trial balance for the Jackson Corporation. Account Title Debits Credits Cash $ 53,000 Accounts receivable 47,000 Inventory
The following is a December 31, 2021, post-closing trial balance for the Jackson Corporation.
| Account Title | Debits | Credits | ||||
| Cash | $ | 53,000 | ||||
| Accounts receivable | 47,000 | |||||
| Inventory | 88,000 | |||||
| Prepaid rent (for the next 8 months) | 29,000 | |||||
| Investment in equity securities (short term) | 23,000 | |||||
| Machinery | 210,000 | |||||
| Accumulated depreciation | $ | 24,000 | ||||
| Patent (net) | 92,000 | |||||
| Accounts payable | 14,500 | |||||
| Salaries payable | 10,500 | |||||
| Income taxes payable | 45,000 | |||||
| Bonds payable (due in 10 years) | 200,000 | |||||
| Common stock | 160,000 | |||||
| Retained earnings | 88,000 | |||||
| Totals | $ | 542,000 | $ | 542,000 | ||
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.)
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