The following is a December 31, 2018, post-closing trial balance for the Jackson

Question

The following is a December 31, 2018, post-closing trial balance for the Jackson Corporation. Account ritle Debits Credits Cash Accounts receivable Inventories Prepaid rent for the next 8 months 25,o00 Marketable securities (short term) 19,000 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 $ 49,000 43,000 84,000 190,000 $ 20,000 88,000 12,500 8,500 41,000 230,000 120,000 66, 000 $498,000 $498,000 Required: Prepare a classified balance sheet for Jackson Corporation at December 31, 2018. (Amounts to minus sign.) JACKSON CORPORATION Balance Sheet At December 31, 2018 1 of 4 Next >

Explanation / Answer

Solution:

  Balance sheet for Jackson Corporation at december 31,2018

LIABILITIES AMOUNT ($) ASSETS AMOUNT ($) Current liabilities: Current assets: Accounts payable 12,500 Cash 49,000 Wages payable 8,500 Short term securities 19,000 Taxes payable 41,000 Accounts receivable 43,000 Inventory 84,000 Prepaid rent 25,000 Total current liabilities 62,000   Total current assets 2,20,000 Long term liabilities:   Long term assets: Bonds payable 2,30,000 Machinery 1,90,000 Less: depreciation (-) 20,000 1,70,000 Total liabilities 2,92,000   Total assets 3,90,000 Stock holder's equity:    Common stock 1,20,000 Retained earnings 66,000 Totai stock holder's equity 1,86,000   Intangible assets: Patents 88,000 TOTAL 4,78,000 TOTAL 4,78,000

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.