In: Accounting
The following is a December 31, 2024, post-closing trial balance for the Jackson Corporation.
Account Title | Debits | Credits |
---|---|---|
Cash | $ 59,000 | |
Accounts receivable | 53,000 | |
Inventory | 94,000 | |
Prepaid rent (for the next 8 months) | 35,000 | |
Investment in equity securities (short term) | 29,000 | |
Machinery | 240,000 | |
Accumulated depreciation | $ 30,000 | |
Patent (net) | 98,000 | |
Accounts payable | 17,500 | |
Salaries payable | 13,500 | |
Income taxes payable | 51,000 | |
Bonds payable (due in 10 years) | 260,000 | |
Common stock | 170,000 | |
Retained earnings | 66,000 | |
Totals | $ 608,000 | $ 608,000 |
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.