The following is a December 31, 2013, post-closing trial balance for the Jackson
ID: 2471969 • Letter: T
Question
The following is a December 31, 2013, post-closing trial balance for the Jackson Corporation.
Prepare a classified balance sheet for Jackson Corporation at December 31, 2013.
Account Title Debits Credits Cash 48,000 Accounts receivable 42,000 Inventories 83,000 Prepaid rent 24,000 Marketable securities (short term) 18,000 Machinery 185,000 Accumulated depreciation—machinery 19,000 Patent (net of amortization) 87,000 Accounts payable 12,000 Wages payable 8,000 Taxes payable 40,000 Bonds payable (due in 10 years) 220,000 Common stock 110,000 Retained earnings 78,000 Totals 487,000 487,000Explanation / Answer
Balance sheet Liabilities Assets Current liabilities Current Assets Accounts payable 12000 Cash 48000 Wages payable 8000 Short term securities 18000 Taxes payable 40000 Accounts receivable 42000 Inventory 83000 Prepaid rent 24000 Total $60,000.00 Total $215,000.00 Long-term liabilities Long-term investments 0 Bonds payable 220000 Total liabilities $220,000.00 Property, plant, and equipment Stockholders' equity Machinery 185000 Common stock 110000 Less:accumulated dep -19000 Retained earnings 78000 Total 166000 Total stockholders' equity 188000 Intangible assets Patents 87000 Total $468,000.00 Total $468,000.00
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