Friday, 15 July 2016

The following is a December 31, 2016, post-closing trial balance for the Jackson Corporation.

The following is a December 31, 2016, post-closing trial balance for the Jackson Corporation.

  Account Title Debits Credits
  Cash 47,000
  Accounts receivable 41,000
  Inventories 82,000
  Prepaid rent 23,000
  Marketable securities (short term) 17,000
  Machinery 180,000
  Accumulated depreciation—machinery 18,000
  Patent (net of amortization) 86,000
  Accounts payable 11,500
  Wages payable 7,500
  Taxes payable 39,000
  Bonds payable (due in 10 years) 210,000
  Common stock 100,000
  Retained earnings 90,000
  



      Totals 476,000 476,000
  









Required:
Prepare a classified balance sheet for Jackson Corporation at December 31, 2016. (Amounts to be deducted should be indicated by a minus sign.)
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