2/7/2021 Assignment Print View
Score: 20/20 Points 100 %
2/7/2021 Assignment Print View
5. Award: 2 out of 2.00 points
The following is a December 31, 2021, post-closing trial balance for the Jackson Corporation.
Account Title Debits Credits
Cash $ 42,000
Accounts receivable 36,000
Inventory 77,000
Prepaid rent (for the next 8 months) 18,000
Investment in equity securities (short term) 12,000
Machinery 155,000
Accumulated depreciation $ 13,000
Patent (net) 81,000
Accounts payable 9,000
Salaries payable 5,000
Income taxes payable 34,000
Bonds payable (due in 10 years) 160,000
Common stock 120,000
Retained earnings 80,000
Totals $421,000 $421,000
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.)
2/7/2021 Assignment Print View
JACKSON CORPORATION
Balance Sheet
At December 31, 2021
Assets
Current assets:
Cash
$ 42,000
Accounts receivable
36,000
Inventory
77,000
Prepaid rent
18,000
Investment in equity securities
12,000
Total current assets 185,000
Property, plant, and equipment:
Machinery
$ 155,000
Accumulated depreciation
(13,000)
Net property, plant, and equipment 142,000
Intangible assets:
Patent (net)
81,000
Total assets $ 408,000
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable
$ 9,000
Salaries Payable
5,000
Income Taxes Payable
34,000
Total current liabilities 48,000
Long-term liabilities:
Bonds payable
160,000
Total liabilities 208,000
Shareholders’ equity:
Common stock
$ 120,000
Retained earnings
80,000
Total shareholders’ equity 200,000
Total liabilities and shareholders’ equity $ 408,000
2/7/2021 Assignment Print View
The following is a December 31, 2021, post-closing trial balance for the Jackson Corporation.
Account Title Debits Credits
Cash $ 42,000
Accounts receivable 36,000
Inventory 77,000
Prepaid rent (for the next 8 months) 18,000
Investment in equity securities (short term) 12,000
Machinery 155,000
Accumulated depreciation $ 13,000
Patent (net) 81,000
Accounts payable 9,000
Salaries payable 5,000
Income taxes payable 34,000
Bonds payable (due in 10 years) 160,000
Common stock 120,000
Retained earnings 80,000
Totals $421,000 $421,000
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.)
2/7/2021 Assignment Print View
$
$
$
$
JACKSON CORPORATION
Balance Sheet
At December 31, 2021
Assets
Current assets:
Cash 42,000
Investment in equity securities 12,000
Accounts receivable 36,000
Inventory 77,000
Prepaid rent 18,000
Total current assets
Property, plant, and equipment:
Machinery 155,000
Accumulated depreciation (13,000)
Net property, plant, and equipment
Intangible assets:
Patent (net) 81,000
Total assets
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable 9,000
Salaries Payable 5,000
Income Taxes Payable 34,000
Total current liabilities
Long-term liabilities:
Bonds payable 160,000
Total liabilities
Shareholders’ equity:
Common stock 120,000
Retained earnings 80,000
Total shareholders’ equity
Total liabilities and shareholders’ equity
185,000
142,000
$ 408,000
48,000
208,000
200,000
$ 408,000
F
F
F
F
F
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