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The following is a December 31, 2021, post-closing trial balance for Culver City Lighting, Inc. Account Title Debits Credits Cash $ 58,000 Accounts receivable 42,000
The following is a December 31, 2021, post-closing trial balance for Culver City Lighting, Inc.
Account Title | Debits | Credits | ||||||
Cash | $ | 58,000 | ||||||
Accounts receivable | 42,000 | |||||||
Inventory | 48,000 | |||||||
Prepaid insurance | 18,000 | |||||||
Equipment | 130,000 | |||||||
Accumulated depreciation | $ | 37,000 | ||||||
Patent (net) | 43,000 | |||||||
Accounts payable | 13,500 | |||||||
Interest payable | 3,500 | |||||||
Notes payable (due in 10 years) | 130,000 | |||||||
Common stock | 73,000 | |||||||
Retained earnings | 82,000 | |||||||
Totals | $ | 339,000 | $ | 339,000 | ||||
Prepare a classified balance sheet for Culver City Lighting, Inc. (Amounts to be deducted should be indicated by a minus sign.)
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