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The following is a December 31, 2021, post-closing trial balance for Culver City Lighting, Inc. Credits Debits $ 70,000 54,000 60,000 30,000 140,000 $ 49,000
The following is a December 31, 2021, post-closing trial balance for Culver City Lighting, Inc. Credits Debits $ 70,000 54,000 60,000 30,000 140,000 $ 49,000 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 55,000 19,500 9,500 160,000 85,000 86,000 $409,000 $409,000 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 Total current assets Property, plant, and equipment Net property, plant, and equipment Intangible assets Total assets Liabilities and Shareholders' Equity Current liabilities Total current liabilities Long-term liabilities Total liabilities Shareholders' equity Total shareholders' equity Total liabilities and shareholders' equity $
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