Question
The following is a December 31, 2021, post-closing trial balance for Culver City Lighting, Inc. Account Title Debits Credits Cash $ 65,000 Accounts receivable 49,000
The following is a December 31, 2021, post-closing trial balance for Culver City Lighting, Inc.
| Account Title | Debits | Credits | ||||
| Cash | $ | 65,000 | ||||
| Accounts receivable | 49,000 | |||||
| Inventory | 55,000 | |||||
| Prepaid insurance | 25,000 | |||||
| Equipment | 130,000 | |||||
| Accumulated depreciation | $ | 44,000 | ||||
| Patent (net) | 50,000 | |||||
| Accounts payable | 17,000 | |||||
| Interest payable | 7,000 | |||||
| Notes payable (due in 10 years) | 160,000 | |||||
| Common stock | 80,000 | |||||
| Retained earnings | 66,000 | |||||
| Totals | $ | 374,000 | $ | 374,000 | ||
a. Calculate the current ratio. b. Calculate the acid-test ratio. c. Calculate the debt to equity ratio.
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Guidelines For Auditing Process Safety Management Systems
Authors: CCPS (Center For Chemical Process Safety)
2nd Edition
0470282355, 978-0470282359
