The following is a December 31, 2018 Post closing trial balance 12/31/16 Account Title Debits Credits
Cash 40,000
Accounts receivable 34,000
Inventories 75,000
Prepaid rent 16,000
Marketable securities (short term)10,000
Machinery 145,000
Accumulated depreciation—machinery11,000
Patent (net of amortization) 83,000
Accounts payable 8,000
Wages payable 4,000
Taxes payable 32,000
Bonds payable (due in 10 years)200,000
Common stock 100,000
Retained earnings 48,000
Totals 403,000 403,00
Prepare a classified balance sheet for Jackson Corporation at December 31, 2016

Jackson Corporation

Balance sheet as at December 31, 2016

Assets

Non-Current Assets

Machinery                                                       145,000

Accumulated depreciation—machinery         (11,000)    134,000

Patent (net of amortization)                                               83,000

Total Non-Current Assets                                                217,000

Current Assets

Accounts receivable                                                          34,000

Inventories                                                                          75,000

Prepaid rent                                                                         16,000

Marketable securities (short term)                                     10,000

Cash                                                                                     40,000

Total Current Assets                                                         175,000

Total Assets                                                                      392,000

Equity and Liabilities

Equity

Common stock                                                                 100,000

Retained earnings                                                             48,000

Total Equity                                                                       148,000

Liabilities

Non Current Liabilities

Bonds payable (due in 10 years)                                    200,000

Total Non-current liabilities                                            200,000

Current Liabilities

Accounts payable                                                                8,000

Wages payable                                                                    4,000

Taxes payable                                                                   32,000

Total Current Liabilities                                                     44,000

Total Equity and Liabilities                                              392,000

Explanation:

A Balance Sheet is a list of Balances Assets, Equity and Liabilities  as at the end of the Financial Period. This is prepared in terms of IAS 1 as part of the set of Financial Statements.

the third answer is correct.