$2$

The following is a December $31,2024,$ post$-$closing trial balance for Culver City Lighting, Incorporated.

$25$

points

$\backslash$table$[[$Account Title,Debits,Credits$],[$Cash$,$$$70,000,],[$Accounts receivable,$54,000,],[$Inventory$,60,000,],[$Prepaid insurance,$30,000,],[$Equipment$,140,000,],[$Accumulated depreciation,,$$49,000],[$Patent $($net$),55,000,],[$Accounts payable,,$19,500],[$Interest payable,,$9,500],[$Notes payable $($due in $10$ years$),,160,000],[$Common stock,,$85,000],[$Retained earnings,,$86,000],[$Totals$,$$$409,000,$$$409,000]]$

Prepare a classified balance sheet for Culver City Lighting, Incorporated.

Note: Amounts to be deducted should be indicated by a minus sign.

Answer is complete but not entirely correct.