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The following is a December 31, 2024, post-closing trial balance for Culver City Lighting, Incorporated. Account Title Debits Credits Cash $ 57,000 Accounts receivable 41,000
The following is a December 31, 2024, post-closing trial balance for Culver City Lighting, Incorporated. Account Title Debits Credits Cash $ 57,000 Accounts receivable 41,000 Inventory 47,000 Prepaid insurance 17,000 Equipment 120,000 Accumulated depreciation $ 36,000 Patent (net) 42,000 Accounts payable 13,000 Interest payable 3,000 Notes payable (due in 10 years) 120,000 Common stock 72,000 Retained earnings 80,000 Totals $ 324,000 $ 324,000 Calculate the current ratio. Calculate t
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