Business, 28.07.2020 19:01 krlx

The following is a December 31, 2018 Post closing trial balance 12/31/16 Account Title Debits Credits
Cash 40,000
Accounts receivable 34,000
Inventories 75,000
Prepaid rent 16,000
Marketable securities (short term)10,000
Machinery 145,000
Accumulated depreciation—machinery11,000
Patent (net of amortization) 83,000
Accounts payable 8,000
Wages payable 4,000
Taxes payable 32,000
Bonds payable (due in 10 years)200,000
Common stock 100,000
Retained earnings 48,000
Totals 403,000 403,00
Prepare a classified balance sheet for Jackson Corporation at December 31, 2016

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Answer from: coxtinam16

Jackson Corporation

Balance sheet as at December 31, 2016

Assets

Non-Current Assets

Machinery 145,000

Accumulated depreciation—machinery (11,000) 134,000

Patent (net of amortization) 83,000

Total Non-Current Assets 217,000

Current Assets

Accounts receivable 34,000

Inventories 75,000

Prepaid rent 16,000

Marketable securities (short term) 10,000

Cash 40,000

Total Current Assets 175,000

Total Assets 392,000

Equity and Liabilities

Equity

Common stock 100,000

Retained earnings 48,000

Total Equity 148,000

Liabilities

Non Current Liabilities

Bonds payable (due in 10 years) 200,000

Total Non-current liabilities 200,000

Current Liabilities

Accounts payable 8,000

Wages payable 4,000

Taxes payable 32,000

Total Current Liabilities 44,000

Total Equity and Liabilities 392,000

Explanation:

A Balance Sheet is a list of Balances Assets, Equity and Liabilities as at the end of the Financial Period. This is prepared in terms of IAS 1 as part of the set of Financial Statements.

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