The following is a December 31, 2021, post-closing trial balance for the Jackson Corporation.
Account Title Debits Credits
Cash $40,000
Accounts receivable 34,000
Inventory 75,000
Prepaid rent (for the next 8 months) 16,000
Investment in equity securities (short term) 10,000
Machinery 145,000
Accumulated depreciation $11,000
Patent (net) 83,000
Accounts payable 8,000
Salaries payable 4,000
Income taxes payable 32,000
Bonds payable (due in 10 years) 200,000
Common stock 100,000
Retained earnings 48,000
Totals $403,000 $403,000
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.)