the following is a december 31, 2021, post-closing trial balance for the jackson corporation. account title debits credits cash $ 44,000 accounts receivable 38,000 inventory 79,000 prepaid rent (for the next 8 months) 20,000 investment in equity securities (short term) 14,000 machinery 165,000 accumulated depreciation $ 15,000 patent (net) 83,000 accounts payable 10,000 salaries payable 6,000 income taxes payable 36,000 bonds payable (due in 10 years) 180,000 common stock 140,000 retained earnings 56,000 totals $ 443,000 $ 443,000 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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11-10-2022
Business

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the following is a december 31, 2021, post-closing trial balance for the jackson corporation. account title debits credits cash $ 44,000 accounts receivable 38,000 inventory 79,000 prepaid rent (for the next 8 months) 20,000 investment in equity securities (short term) 14,000 machinery 165,000 accumulated depreciation $ 15,000 patent (net) 83,000 accounts payable 10,000 salaries payable 6,000 income taxes payable 36,000 bonds payable (due in 10 years) 180,000 common stock 140,000 retained earnings 56,000 totals $ 443,000 $ 443,000 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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anthougo anthougo · Answer 1 · 2022-10-14T15:04:44+02:00

The preparation of a classified Balance Sheet for Jackson Corporation at December 31, 2021, is as follows:

Jackson Corporation

Classified Balance Sheet

December 31, 2021

Assets

Current Assets:

Cash $ 44,000

Accounts receivable 38,000

Inventory 79,000

Prepaid rent

(for the next 8 months) 20,000

Investment in equity securities

(short-term) 14,000 $195,000

Long-term Assets:

Machinery $165,000

Accumulated depreciation (15,000)

Patent (net) 83,000 $233,000

Total Assets $428,000

Liabilities and Equity

Current Liabilities:

Accounts payable $10,000

Salaries payable 6,000

Income taxes payable 36,000

Total current Liabilities $52,000

Long-term Liabilities:

Bonds payable (due in 10 years) $180,000

Total liabilities $232,000

Equity:

Common stock $140,000

Retained earnings 56,000 $196,000

Total liabilities and equity $428,000

What is a classified balance sheet?

A classified balance sheet is a statement of the financial position of an entity at a point in time, with assets classified according to their short and long-term natures.

The equity is also indicated separately with common stock and retained earnings.

Jackson Corporation

Post-closing Trial Balance

December 31, 2021

Account Titles Debits Credits

Cash $ 44,000

Accounts receivable 38,000

Inventory 79,000

Prepaid rent

(for the next 8 months) 20,000

Investment in equity

securities (short term) 14,000

Machinery 165,000

Accumulated depreciation $ 15,000

Patent (net) 83,000

Accounts payable 10,000

Salaries payable 6,000

Income taxes payable 36,000

Bonds payable (due in 10 years) 180,000

Common stock 140,000

Retained earnings 56,000

Totals $ 443,000 $ 443,000

Learn more about a classified balance sheet at https://brainly.com/question/26324705

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