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The following is a December 31, 2024, post-closing trial balance for the Jackson Corporation Account Title Cash Accounts receivable. Inventory Prepaid rent (for the
The following is a December 31, 2024, 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 Debits $ 59,000 Credits 53,000 94,000 35,000 29,000 240,000 $ 30,000 98,000 17,500 13,500 51,000 260,000 170,000 66,000 $ 608,000 $608,000 Totals Required: Prepare a classified balance sheet for Jackson Corporation at December 31, 2024, by properly classifying each of the accounts Note: Amounts to be deducted should be indicated by a minus sign.
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