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The following is a December 31, 2024, post-closing trial balance for Culver City Lighting, Incorporated. AccountTitleCashAccountsreceivableInventoryPrepaidinsuranceEquipmentAccumulateddepreciationPatent(net)AccountspayableInterestpayableNotespayable(duein10years)CommonstockRetainedearningsTotalsDebits$60,00044,00050,00020,000115,00045,000$334,000Credits39,00014,5004,500150,0005,00051,000$33,000 1. Calculate the current ratio. 2. Calculate the acid-test
The following is a December 31, 2024, post-closing trial balance for Culver City Lighting, Incorporated.
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