Chapter 1-19 - Exercise 34 E 34 The following is a...

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Exercise 3–4E 3–4Balance sheet preparation LO3–2,LO3–3The following is a December 31, 2016, post-closing trial balance for the JacksonCorporation.Account TitleDebits CreditsCash40,000Accounts receivable34,000Inventories75,000Prepaid rent16,000Marketable securities (short term)10,000Machinery145,000Accumulated depreciation—machinery11,000Patent (net of amortization)83,000Accounts payable8,000Wages payable4,000Taxes payable32,000Bonds payable (due in 10 years)200,000
Common stock100,000Retained earnings48,000Totals403,000403,000Required: Prepare a classified balance sheet for Jackson Corporation at December 31, 2016.The following is the ending balances of accounts at December 31, 2016 for the Valley Pump Corporation.
JACKSON CORPORATIONBalance SheetAt December 31, 2013AssetsCurrent assets:Cash ....................................................................$ 40,000Marketable securities .........................................10,000Accounts receivable ...........................................34,000Inventories ..........................................................75,000Prepaid rent ........................................................16,000Total current assets ........................................175,000Property, plant, and equipment:Machinery ..........................................................$145,000Less: Accumulated depreciation ........................(11,000)Net property, plant, and equipment ...............134,000Intangible assets:Patent ...............................................................83,000Total assets .................................................$392,000Liabilities and Shareholders' EquityCurrent liabilities:Accounts payable ...............................................$ 8,000Wages payable ....................................................4,000Taxes payable .....................................................32,000 Total current liabilities ..................................44,000Long-term liabilities:Bonds payable ....................................................200,000Shareholders’ equity:Common stock ...................................................$100,000Retained earnings ...............................................

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