Question
In: Accounting
The following is a December 31, 2018, post-closing trial balance for the Jackson Corporation. Account Title...
The following is a December 31, 2018, post-closing trial balance for the Jackson Corporation.
| Account Title | Debits | Credits | ||||
| Cash | $ | 52,000 | ||||
| Accounts receivable | 46,000 | |||||
| Inventories | 87,000 | |||||
| Prepaid rent for the next 8 months | 28,000 | |||||
| Marketable securities (short term) | 22,000 | |||||
| Machinery | 205,000 | |||||
| Accumulated depreciation—machinery | $ | 23,000 | ||||
| Patent (net of amortization) | 91,000 | |||||
| Accounts payable | 14,000 | |||||
| Wages payable | 10,000 | |||||
| Taxes payable | 44,000 | |||||
| Bonds payable (due in 10 years) | 260,000 | |||||
| Common stock | 150,000 | |||||
| Retained earnings | 30,000 | |||||
| Totals | $ | 531,000 | $ | 531,000 | ||
Required:
Prepare a classified balance sheet for Jackson Corporation at
December 31, 2018. (Amounts to be deducted should be
indicated by a minus sign.)
Solutions
Expert Solution
| Jackson Corporation | ||
| Balance Sheet | ||
| At Dec 31, 2018 | ||
| Assets | ||
| Current Assets | ||
| Cash | 52,000.00 | |
| Marketable Securities (Short Term) | 22,000.00 | |
| Accounts Receivable | 46,000.00 | |
| Inventories | 87,000.00 | |
| Prepaid Rent for the next 8 Months | 28,000.00 | |
| Total Current Assets | 235,000.00 | |
| Property, Plant & Equipment | ||
| Machinery | 205,000.00 | |
| Less: Accumulated Depreciation | (23,000.00) | |
| Net Property, Plant & Equipment | 182,000.00 | |
| Intagible Assets | ||
| Patents | 91,000.00 | |
| Total Assets | 508,000.00 | |
| Liabilities & Shareholders' Equity | ||
| Liabilities | ||
| Current Liabilities: | ||
| Accounts Payable | 14,000.00 | |
| Wages Payable | 10,000.00 | |
| Taxes Payable | 44,000.00 | |
| Total Current Liabilties | 68,000.00 | |
| Long Term Liabilities | ||
| Bonds Payable (due in 10 Years) | 260,000.00 | |
| Total Liabilities | 328,000.00 | |
| Shareholders' Equity | ||
| Common Stock | 150,000.00 | |
| Retained Earnings | 30,000.00 | |
| Total Shareholders' Equity | 180,000.00 | |
| Total Liabilities & Shareholders' Equity | 508,000.00 | |
ekkarill92 answered 2 years agoRelated Solutions
The following is a December 31, 2018, post-closing trial balance for the Jackson Corporation. Account Title...
The following is a December 31, 2018, post-closing trial balance
for the Jackson Corporation.
Account Title
Debits
Credits
Cash
$
52,000
Accounts receivable
46,000
Inventories
87,000
Prepaid rent for the next 8
months
28,000
Marketable securities (short
term)
22,000
Machinery
205,000
Accumulated
depreciation—machinery
$
23,000
Patent (net of
amortization)
91,000
Accounts payable
14,000
Wages payable
10,000
Taxes payable
44,000
Bonds payable (due in 10
years)
260,000
Common stock
150,000
Retained earnings
30,000
Totals
$
531,000
$
531,000
Required:
Prepare a...
The following is a December 31, 2018, post-closing trial balance for the Jackson Corporation.
The following is a December 31, 2018, post-closing trial balance for the Jackson Corporation.Account TitleDebitsCreditsCash$40,000 Accounts receivable34,000 Inventories75,000 Prepaid rent for next 8 months16,000 Marketable securities (short term)10,000 Machinery1,45,000 Accumulated depreciation - machinery 11,000Patent (net of amortization)83,000 accounts payable 8,000wages payable 4,000Taxes payable 32,000Bonds payable (due in 10 Years) 2,00,000Commons stock 1,00,000Retained Earnings 48,000Totals403,000403,000Prepare a classified balance sheet for Jackson Corporation at December 31,2018
The following is a December 31, 2018, post-closing trial balance for Almway Corporation. Account Title Debits...
The following is a December 31, 2018, post-closing trial balance
for Almway Corporation.
Account Title
Debits
Credits
Cash
$
45,000
Investments
110,000
Accounts receivable
60,000
Inventories
200,000
Prepaid insurance (for the next
9 months)
9,000
Land
90,000
Buildings
420,000
Accumulated
depreciation—buildings
$
100,000
Equipment
110,000
Accumulated
depreciation—equipment
60,000
Patents (net of
amortization)
10,000
Accounts payable
75,000
Notes payable
130,000
Interest payable
20,000
Bonds Payable
240,000
Common stock
300,000
Retained earnings
129,000
Totals
$
1,054,000
$
1,054,000
Additional information:
The investment...
The following is a December 31, 2018, post-closing trial balance for Almway Corporation. Account Title Debits...
The following is a December 31, 2018, post-closing trial balance
for Almway Corporation.
Account Title
Debits
Credits
Cash
$
73,000
Investments
138,000
Accounts receivable
74,000
Inventories
214,000
Prepaid insurance (for the next 9 months)
5,000
Land
118,000
Buildings
434,000
Accumulated depreciation—buildings
$
114,000
Equipment
124,000
Accumulated depreciation—equipment
74,000
Patents (net of amortization)
24,000
Accounts payable
103,000
Notes payable
172,000
Interest payable
34,000
Bonds Payable
254,000
Common stock
342,000
Retained earnings
111,000
Totals
$
1,204,000
$
1,204,000
Additional information:
The investment...
The following is a December 31, 2018, post-closing trial balance for Almway Corporation. Account Title Debits...
The following is a December 31, 2018, post-closing trial balance
for Almway Corporation. Account Title Debits Credits Cash $ 85,000
Investments 150,000 Accounts receivable 80,000 Inventories 220,000
Prepaid insurance (for the next 9 months) 8,000 Land 130,000
Buildings 440,000 Accumulated depreciation—buildings $ 120,000
Equipment 130,000 Accumulated depreciation—equipment 80,000 Patents
(net of amortization) 30,000 Accounts payable 115,000 Notes payable
190,000 Interest payable 40,000 Bonds Payable 260,000 Common stock
360,000 Retained earnings 108,000 Totals $ 1,273,000 $ 1,273,000
Additional information: The investment...
The following is a December 31, 2018, post-closing trial balance for Georgetown, Inc. . Account Title...
The following is a December 31, 2018, post-closing trial balance
for Georgetown, Inc. .
Account Title
Debits
Credits
Cash
$
45,000
Investments
110,000
Accounts receivable
60,000
Inventories
200,000
Prepaid insurance (for the next 9 months)
9,000
Land
90,000
Buildings
420,000
Accumulated depreciation—buildings
$
100,000
Equipment
110,000
Accumulated depreciation—equipment
60,000
Patents (net of amortization)
10,000
Accounts payable
75,000
Notes payable
130,000
Interest payable
20,000
Bonds Payable
240,000
Common stock
300,000
Retained earnings
129,000
Totals
$
1,054,000
$
1,054,000
Additional information:
The...
The following is a December 31, 2024, post-closing trial balance for the Jackson Corporation.
The following is a December 31, 2024, post-closing trial balance for the Jackson Corporation.Account TitleDebitsCreditsCash$ 59,000 Accounts receivable53,000 Inventory94,000 Prepaid rent (for the next 8 months)35,000 Investment in equity securities (short term)29,000 Machinery240,000 Accumulated depreciation $ 30,000Patent (net)98,000 Accounts payable 17,500Salaries payable 13,500Income taxes payable 51,000Bonds payable (due in 10 years) 260,000Common stock 170,000Retained earnings 66,000Totals$ 608,000$ 608,000Required:Prepare a classified balance sheet for Jackson Corporation at December 31, 2024, by properly classifying each of the accounts.Note: Amounts to be deducted...
The following is a December 31, 2021, post-closing trial balance for Almway Corporation. Account Title Debits...
The following is a December 31, 2021, post-closing trial balance
for Almway Corporation.
Account Title
Debits
Credits
Cash
$
77,000
Investment in equity securities
142,000
Accounts receivable
76,000
Inventory
216,000
Prepaid insurance (for the next 9 months)
6,000
Land
122,000
Buildings
436,000
Accumulated depreciation—buildings
$
116,000
Equipment
126,000
Accumulated depreciation—equipment
76,000
Patent (net)
26,000
Accounts payable
107,000
Notes payable
178,000
Interest payable
36,000
Bonds Payable
256,000
Common stock
348,000
Retained earnings
110,000
Totals
$
1,227,000
$
1,227,000
Additional information:
The...
The following is a December 31, 2021, post-closing trial balance for Almway Corporation. Account Title Debits...
The following is a December 31, 2021, post-closing trial balance
for Almway Corporation.
Account Title
Debits
Credits
Cash
$
53,000
Investment in equity securities
118,000
Accounts receivable
64,000
Inventory
204,000
Prepaid insurance (for the next 9 months)
8,000
Land
98,000
Buildings
424,000
Accumulated depreciation—buildings
$
104,000
Equipment
114,000
Accumulated depreciation—equipment
64,000
Patent (net)
14,000
Accounts payable
83,000
Notes payable
142,000
Interest payable
24,000
Bonds Payable
244,000
Common stock
312,000
Retained earnings
124,000
Totals
$
1,097,000
$
1,097,000
Additional information:
The...
The following is a December 31, 2021, post-closing trial balance for Almway Corporation. Account Title Debits...
The following is a December 31, 2021, post-closing trial balance
for Almway Corporation.
Account Title
Debits
Credits
Cash
$
53,000
Investment in equity securities
118,000
Accounts receivable
64,000
Inventory
204,000
Prepaid insurance (for the next 9 months)
8,000
Land
98,000
Buildings
424,000
Accumulated depreciation—buildings
$
104,000
Equipment
114,000
Accumulated depreciation—equipment
64,000
Patent (net)
14,000
Accounts payable
83,000
Notes payable
142,000
Interest payable
24,000
Bonds Payable
244,000
Common stock
312,000
Retained earnings
124,000
Totals
$
1,097,000
$
1,097,000
Additional information:
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