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The following is a December 31, 2021, post-closing trial balance for the Jackson Corporation. 12 Account...


The following is a December 31, 2021, post-closing trial balance for the Jackson Corporation. 12 Account Title Cash Accounts
AVCmor, VT Assets Current assets: 0 Total current assets Property, plant, and equipment: 0 Net property, plant, and equipment
The following is a December 31, 2021, post-closing trial balance for the Jackson Corporation. 12 Account Title Cash 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 Credits $ 50,000 44,000 85,000 26,000 20,000 195,000 $ 21,000 89,000 13,000 9,000 42,000 240,000 130,000 54,000 $509,000 $509,000
AVCmor, VT Assets Current assets: 0 Total current assets Property, plant, and equipment: 0 Net property, plant, and equipment Intangible assets: $ 0 Total assets Liabilities and Shareholders' Equity Current liabilities: 0 Total current liabilities Long-term liabilities: 0 Total liabilities Shareholders' equity: Total shareholders' equity Total liabilities and shareholders' equity 0 $ 0
0 0
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ReportAnswer #1

BALANCE SHEET

AT DECEMBER 31, 2021

Assets
Current Assets
Cash 50,000
Account Receivables 44,000
Inventory 85,000
Prepaid Rent 26,000
Investment in Equity Shares (short term) 20,000
Total Currrent Assets 2,25,000
Property, Plant and Equipement
Machinery 1,95,000
Accumulated Depreciation (21,000)
Net Property, Plant and Equipement 1,74,000
Intangible Assets
Patent 89,000
Total Assets 4,88,000
Liabilities & Shareholder's Equity
Current Liabilities
Accounts Payable 13,000
Salary Payable 9,000
Income Tax Payable 42,000
Total Current Liabilities 64,000
Long- Term Liabilities
Bonds Payable 2,40,000
Total Liablities 3,04,000
Sahreholder's Equity
Common Stock 1,30,000
Retained Earnings 54,000
Sahreholder's Equity 1,84,000
Total Liabilities & Shareholder's Equity 4,88,000
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