Question & Answer: The following is a December 31, 2016, post-closing trial balance for the Jackson Corporation. Credits Debits 44,000 38,000 79,000 20,000 14,00…..

The following is a December 31, 2016, post-closing trial balance for the Jackson Corporation. Credits Debits 44,000 38,000 79,000 20,000 14,000 165,000 Account Title Cash Accounts receivable Inventories Prepaid rent Marketable securities (short term) Machinery Accumulated depreciation-machinery Patent (net of amortization) Accounts payable Wages payable Taxes payable Bonds payable (due in 10 years) Common stock Retained earnings 15,000 83,000 10,000 6,000 36,000 180,000 140,000 56,000 443,000 443,000 Totals Required: Prepare a classified balance sheet for Jackson Corporation at December 31, 2016. (Amounts to deducted should be indicated by a minus sign.)
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The following is a December 31, 2016, post-closing trial balance for the Jackson Corporation. Credits Debits 44,000 38,000 79,000 20,000 14,000 165,000 Account Title Cash Accounts receivable Inventories Prepaid rent Marketable securities (short term) Machinery Accumulated depreciation-machinery Patent (net of amortization) Accounts payable Wages payable Taxes payable Bonds payable (due in 10 years) Common stock Retained earnings 15,000 83,000 10,000 6,000 36,000 180,000 140,000 56,000 443,000 443,000 Totals Required: Prepare a classified balance sheet for Jackson Corporation at December 31, 2016. (Amounts to deducted should be indicated by a minus sign.)

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PREPARE CLASSIFIED BALANCE SHEET :

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Question & Answer: The following is a December 31, 2016, post-closing trial balance for the Jackson Corporation. Credits Debits 44,000 38,000 79,000 20,000 14,00…..
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ASSETS
CURRENT ASSETS
Cash 44000
Account receivable 38000
Inventories 79000
Prepaid rent 20000
Marketable securities (short term) 14000
TOTAL CURRENT ASSETS 195000
LONG TERM INVESTMENT
PROPERTY,PLANT & EQUIPMENT
Machinery 165000
Less: Acc dep (15000) 150000
INTANGIBLE ASSETS
Patents 83000
OTHER ASSETS
TOTAL ASSETS 428000
LIABILITIES AND STOCKHOLDER’S EQUITY
CURRENT LIABILITIES
Account payable 10000
wages payable 6000
Taxes payable 36000
TOTAL CURRENT LIABILITIES 52000
LONG TERM LIABILITIES
Bonds payable 180000
STOCKHOLDER’S EQUITY
Common stock 140000
Retaine earnings 56000
TOTAL STOCKHOLDER’ EQUITY 196000
TOTAL LIABILITIES AND STOCKHOLDER’S EQUITY 428000

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