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The following is a December 31, 2021, post-closing trial balance for Culver City Lighting, Inc. Credits Debits $ 71,000 55,000 61,000 31,000 150,000 $ 50,000
The following is a December 31, 2021, post-closing trial balance for Culver City Lighting, Inc. Credits Debits $ 71,000 55,000 61,000 31,000 150,000 $ 50,000 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 56,000 20,000 10,000 170,000 86,000 88,000 $424,000 $424,000 Prepare a classified balance sheet for Culver City Lighting, Inc. (Amounts to be deducted should be indicated by a minus sign.) CULVER CITY LIGHTING, INC. Balance Sheet At December 31, 2021 Assets Current assets 0 Total current assets Property, plant, and equipment 0 Net property, plant, and equipment Intangible assets Total assets $ 0 Liabilities and Shareholders' Equity Current liabilities 0 Total current liabilities Long-term liabilities 0 Total liabilities Shareholders' equity 0 Total shareholders' equity Total liabilities and shareholders' equity $ 0
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