ACC 307 2-2 Homework 2 - The following is a post-closing...

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The following is a December 31, 2013, post-closing trial balance for the Jackson Corporation.AccountTitleDebitsCreditsCash42,000 Accounts receivable36,000 Inventories77,000 Prepaidrent18,000 Marketable securities (short term)12,000 Machinery155,000 Accumulated depreciation—machinery13,000 Patent (net of amortization)81,000 Accounts payable9,000 Wages payable5,000 Taxes payable34,000 Bonds payable (due in 10 years)160,000 Common stock120,000 Retained earnings80,000 Totals421,000 421,000 Required:Prepare a classified balance sheet for Jackson Corporation at December 31, 2013.
JACKSON CORPORATIONBalance SheetAt December 31, 2013AssetsCurrent assets:Cash$42,000Marketable securities12,000

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