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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 $ 55,000 Accounts receivable 39,000
The following is a December 31, 2021, post-closing trial balance for Culver City Lighting, Inc.
Account Title | Debits | Credits | |||||||
Cash | $ | 55,000 | |||||||
Accounts receivable | 39,000 | ||||||||
Inventory | 45,000 | ||||||||
Prepaid insurance | 15,000 | ||||||||
Equipment | 100,000 | ||||||||
Accumulated depreciation | $ | 34,000 | |||||||
Patent (net) | 40,000 | ||||||||
Accounts payable | 12,000 | ||||||||
Interest payable | 2,000 | ||||||||
Notes payable (due in 10 years) | 100,000 | ||||||||
Common stock | 70,000 | ||||||||
Retained earnings | 76,000 | ||||||||
Totals | $ | 294,000 | $ | 294,000 | |||||
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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