The following is a december 31, 2021, post-closing trial balance for the jackson corporation. account title debits credits cash $ 45,000 accounts receivable 39,000 inventory 80,000 prepaid rent (for the next 8 months) 21,000 investment in equity securities (short term) 15,000 machinery 170,000 accumulated depreciation $ 16,000 patent (net) 84,000 accounts payable 10,500 salaries payable 6,500 income taxes payable 37,000 bonds payable (due in 10 years) 190,000 common stock 150,000 retained earnings 44,000 totals $ 454,000 $ 454,000 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.)

2019        Balance Sheet

$45,000  Cash

$39,000  Accounts Receivable

$21,000  Prepaid Rent

$15,000  Investment in Equity Sec

$80,000  Inventory

$200,000TOTAL CURRENT ASSETS  

$170,000Machinery

-$16,000  Accum Depreciation

$84,000  Patent

$238,000TOTAL NONCURRENT ASSETS  

$438,000TOTAL ASSETS  

$10,500  Accounts Payable  

$37,000  Income Taxes Payable  

$6,500    Salaries Payable  

$54,000  TOTAL CURRENT LIABILITIES  

$190,000Bond Payable  

$190,000TOTAL NONCURRENT LIABILITIES  

$244,000TOTAL LIABILITIES  

$150,000Common Stock  

$44,000  Retained Earnings  

$194,000TOTAL EQUITY  

$438,000TOTAL EQUITY + LIABILITIES  

Explanation:

Account of Current Assets , the criteria is to have a liquidity speed less of one year

Cash

Accounts Receivable

Prepaid Rent

Investment in Equity Sec

Inventory

Account of Non Current Assets , the criteria is to have a liquidity speed more than one year and are known as fixed assets

Machinery

Accum Depreciation

Patent

Account of Current Liabilities , the criteria is to have a liquidity speed less of one year

Accounts Payable  

Income Taxes Payable  

Salaries Payable  

Account of Non Current Liabilities, the criteria is to have a liquidity speed more than one year and are known as long term financing

Bond Payable  

Account of Total Equity

Common Stock  

Retained Earnings