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The following is a December 31, 2021, post-closing trial balance for the Jackson Corporation. Account Title Debits Credits Cash $ 45,000 Accounts receivable 39,000 Inventory 80,000 Prepaid rent (for the next 8 months) 21,000 Investment in equity securities (short term) 15,000 Machinery 170,000 Accumulated depreciation $ 16,000 Patent (net) 84,000 Accounts payable 10,500 Salaries payable 6,500 Income taxes payable 37,000 Bonds payable (due in 10 years) 190,000 Common stock 150,000 Retained earnings 44,000 Totals $ 454,000 $ 454,000 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.)

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mltn1980

Answer:

2019        Balance Sheet

$45,000  Cash

$39,000  Accounts Receivable

$21,000   Prepaid Rent

$15,000   Investment in Equity Sec

$80,000  Inventory

$200,000 TOTAL CURRENT ASSETS  

$170,000 Machinery

-$16,000  Accum Depreciation

$84,000  Patent

$238,000 TOTAL NONCURRENT ASSETS  

$438,000 TOTAL ASSETS  

$10,500   Accounts Payable  

$37,000   Income Taxes Payable  

$6,500    Salaries Payable  

$54,000  TOTAL CURRENT LIABILITIES  

$190,000 Bond Payable  

$190,000 TOTAL NONCURRENT LIABILITIES  

$244,000 TOTAL LIABILITIES  

$150,000 Common Stock  

$44,000  Retained Earnings  

$194,000 TOTAL EQUITY  

$438,000 TOTAL EQUITY + LIABILITIES  

Explanation:

Account of Current Assets , the criteria is to have a liquidity speed less of one year

Cash

Accounts Receivable

Prepaid Rent

Investment in Equity Sec

Inventory

Account of Non Current Assets , the criteria is to have a liquidity speed more than one year and are known as fixed assets

Machinery

Accum Depreciation

Patent

Account of Current Liabilities , the criteria is to have a liquidity speed less of one year

Accounts Payable  

Income Taxes Payable  

Salaries Payable  

Account of Non Current Liabilities, the criteria is to have a liquidity speed more than one year and are known as long term financing

Bond Payable  

Account of Total Equity

Common Stock  

Retained Earnings  

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