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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 1 year ago
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