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* all i need is notes payable!! The following is a December 31, 2021, post-closing trial balance for Culver City Lighting, Inc. Credits Debits $
* all i need is notes payable!!
The following is a December 31, 2021, post-closing trial balance for Culver City Lighting, Inc. Credits Debits $ 64,000 48,000 54,000 24,000 120,000 Account Title Cash Accounts receivable Inventory Prepaid insurance Equipment Accumulated depreciation Patent (net) Accounts payable Interest payable Notes payable (due in 10 years) Common stock Retained earnings Totals $ 43,000 49,000 16,500 6,500 150,000 79,000 64,000 $359,000 $359,000 Prepare a classified balance sheet for Culver City Lighting, Inc. (Amounts to be deducted should be ir Answer is complete but not entirely correct. CULVER CITY LIGHTING, INC. Balance Sheet At December 31, 2021 Assets $ Current assets Cash Accounts receivable Inventory Prepaid Insurance DO 64,000 48,000 54,000 24,000 Total current assets Property, plant, and equipment 190,000 Prev 1 of 7 X Answer is complete but not entirely correct. CULVER CITY LIGHTING, INC. Balance Sheet At December 31, 2021 Assets Current assets Cash $ Accounts receivable Inventory Prepaid insurance 64,000 48,000 54,000 24,000 OI 190,000 Total current assets Property, plant, and equipment Equipment Accumulated depreciation Net property, plant, and equipment Intangible assets Patent (net) $ 120,000 (43,000) 77,000 49,000 Total assets $ 316,000 Liabilities and Shareholders' Equity Current liabilities Accounts payable Interest payable $ 16.500 6,500 23.000 Total current liabilities Long-term liabilities Notes payable 135,000 Total current assets 190,000 $ Property, plant, and equipment Equipment Accumulated depreciation Net property, plant, and equipment Intangible assets Patent (net) 120,000 (43,000) 77,000 49,000 Total assets 316,000 Liabilities and Shareholders' Equity Current liabilities Accounts payable Interest payable $ 16,500 6,500 23,000 Total current liabilities Long-term liabilities Notes payable 135,000 Total liabilities 158,000 Shareholders' equity Common stock Retained earnings s 79,000 64,000 Total shareholders' equity Total liabilities and shareholders' equity 143,000 $ 301,000 The following is a December 31, 2021, post-closing trial balance for Culver City Lighting, Inc. Credits Debits $ 64,000 48,000 54,000 24,000 120,000 Account Title Cash Accounts receivable Inventory Prepaid insurance Equipment Accumulated depreciation Patent (net) Accounts payable Interest payable Notes payable (due in 10 years) Common stock Retained earnings Totals $ 43,000 49,000 16,500 6,500 150,000 79,000 64,000 $359,000 $359,000 Prepare a classified balance sheet for Culver City Lighting, Inc. (Amounts to be deducted should be i Answer is complete but not entirely correct. CULVER CITY LIGHTING, INC. Balance Sheet At December 31, 2021 Assets Current assets Cash S Accounts receivable Inventory Prepaid insurance OO 64,000 48,000 54,000 24,000 Total current assets Property, plant, and equipment 190,000 Step by Step Solution
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