Exercise 3-4 (Algo) Balance sheet preparation [LO3-2, 3-3] The following is a December 31, 2021, post-closing trial balance for the Jackson Corporation. Account Title Canh Accounts receivable Inventory Prepaid rent (for the next 8 months). Investment in equity securities (short term) Machinery Accumulated depreciation Patent (net) Accounts payable Salaries payable. Income taxes payable Bonds payable (due in 10 years). Common stock Retained earnings Totals Debits $ 56,000 50,000 91,000 32,000 26,000 225,000 95,000 Credits $ 27,000 16,000 12,000 48,000 230,000 190,000 $2,000 $575,000 $575,000 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.)
Exercise 3-4 (Algo) Balance sheet preparation [LO3-2, 3-3] The following is a December 31, 2021, post-closing trial balance for the Jackson Corporation. Account Title Canh Accounts receivable Inventory Prepaid rent (for the next 8 months). Investment in equity securities (short term) Machinery Accumulated depreciation Patent (net) Accounts payable Salaries payable. Income taxes payable Bonds payable (due in 10 years). Common stock Retained earnings Totals Debits $ 56,000 50,000 91,000 32,000 26,000 225,000 95,000 Credits $ 27,000 16,000 12,000 48,000 230,000 190,000 $2,000 $575,000 $575,000 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.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Exercise 3-4 (Algo) Balance sheet preparation [LO3-2, 3-3]
The following is a December 31, 2021, post-closing trial balance for the Jackson Corporation.
Credits
Account Title
Cash
Accounts receivable
Inventory
Prepaid rent (for the next 8 months).
Investment in equity securities (ahort term)
Machinery
Accumulated depreciation.
Patent (net)
Accounts payable
Salaries payable
Income taxes payable
Bonds payable (due in 10 years).
Common stock
Retained earnings
Totals:
Debits
$ 56,000
50,000
91,000
32,000
26,000
225,000
95,000
$ 27,000
16,000
12,000
48,000
230,000
190,000
$2,000
$575,000 $575,000
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.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F27b88614-6ce3-4e1e-8cdf-590350e68df1%2Fa15008c6-c32e-47b6-a3ae-471269614341%2F0mhh7uv_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Exercise 3-4 (Algo) Balance sheet preparation [LO3-2, 3-3]
The following is a December 31, 2021, post-closing trial balance for the Jackson Corporation.
Credits
Account Title
Cash
Accounts receivable
Inventory
Prepaid rent (for the next 8 months).
Investment in equity securities (ahort term)
Machinery
Accumulated depreciation.
Patent (net)
Accounts payable
Salaries payable
Income taxes payable
Bonds payable (due in 10 years).
Common stock
Retained earnings
Totals:
Debits
$ 56,000
50,000
91,000
32,000
26,000
225,000
95,000
$ 27,000
16,000
12,000
48,000
230,000
190,000
$2,000
$575,000 $575,000
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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