The following is a December 31, 2006, post closing trial balance for Culver City Lighting, Inc. Prepare a classified balance sheet for the company.

Account Title

Debits Credits

Cash 55,000

Accounts receivable 39,000

Inventories 45,000

Prepaid insurance 15,000

Equipment 100,000

Accumulated depreciationequipment 34,000

Patent, net 40,000

Accounts payable 12,000

Interest payable 2,000

Note payable (due in 10, equal annual installments) 100,000

Common stock 70,000

Retained earnings 76,000

Totals 294,000 294,000