The following is a December 31, 2018, post-closing trial balance for the Jackson
ID: 2329671 • Letter: T
Question
The following is a December 31, 2018, post-closing trial balance for the Jackson Corporation. Account Title Cash Accounts receivable Inventories Prepaid rent for the next 8 months Marketable securities (short term) Machinery Accumulated depreciation-machinery Patent (net of amortization) Accounts payable Wages payable Taxes payable Bonds payable (due in 10 years) Common stock Retained earnings Totals Debits Credits $51,9ee 45,900 86,90e 27,9ee 21,9ee 200,8ee $ 22,900 90,0ee 13,50e 9,see 43,00e 250,8ee 140,90e 42,ee $520,00e $520,00e Requirec Prepare a classified balance sheet for Jackson Corporation at December 31, 201 minus sign.) 8. (Amounts to be deduct JACKSON CORPORATION Balance Sheet At December 31, 2018 Assets Current assets Cash Accounts receivable Marketable securities Inventories Prepaid rent 51,000 45,000 21,000 86.000 27,000 :Accounts receivable 230,000 $ 230,000Explanation / Answer
Jackson Corporation Balance sheet at December 31 2018 Assets $ $ Current Assets Cash 51,000 Accounts Receivables 45,000 Iventories 86,000 Prepaid Rent for next 8 months 27,000 Marketable securities 21,000 Current Assets 2,30,000 Machinery 2,00,000 Less Accumulated depreceiation - Machinery (22,000) 1,78,000 Patent 90,000 Total Assets 4,98,000 Liabilities Accounts payable 13,500 Tax payable 43,000 Wages payable 9,500 Current Liability 66,000 Bond Payable 2,50,000 Common Stock Common Stock 1,40,000 Retained earnings 42,000 Total Liability and Common Stock 4,98,000
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