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Prepare a classified balance sheet for jackson corporation

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Reference no: EM132247535

Question - The following is a December 31, 2018, post-closing trial balance for the Jackson Corporation.

Account Title

Debits

Credits

Cash

$58,000

 

Accounts receivable

52,000

 

Inventories

93,000

 

Prepaid rent for the next 8 months

34,000

 

Marketable securities {short term)

28,000

 

Machinery

235,000

 

Accumulated depreciation-machinery

 

$29,000

Patent (net of amortization)

97,000

 

Accounts payable

 

17,000

Wages payable

 

13,000

Taxes payable

 

50,000

Bonds payable (due in 10 years)

 

250,000

Common stock

 

160,000

Retained earnings

 

78,000

Totals

$597,000

$597,000

Required: Prepare a classified balance sheet for Jackson Corporation at December 31. 2018.

Reference no: EM132247535

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