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The following is a December 31, 2021, post-closing trial balance for Culver City Lighting, Inc. Debits 62,000 46,000 Credits Account Title Cash Accounts receivable Inventory
The following is a December 31, 2021, post-closing trial balance for Culver City Lighting, Inc. Debits 62,000 46,000 Credits Account Title Cash Accounts receivable Inventory Prepaid insurance Equipment Accumulated depreciation Patent (net) Accounts payable Interest payable Notes payable (due in 10 years) 52,000 22,000 100,000 41,000 47,000 15,500 5,500 130,000 77,000 Common stock Retained earnings 60,000 $329,000 $329,000 Totals 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 Total current assets Property, plant, and equipment Net property, plant, and equipment Intangible assets Intangible assets Total assets Liabilities and Shareholders' Equity Current liabilities Total current liabilities 0 Long-term liabilities Total liabilities 0 Shareholders' equity Total shareholders' equity Total liabilities and shareholders' equity 0
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