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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 $ 69,000 Accounts receivable 53,000
The following is a December 31, 2024, post-closing trial balance for Culver City Lighting, Incorporated.
| Account Title | Debits | Credits |
|---|---|---|
| Cash | $ 69,000 | |
| Accounts receivable | 53,000 | |
| Inventory | 59,000 | |
| Prepaid insurance | 29,000 | |
| Equipment | 130,000 | |
| Accumulated depreciation | $ 48,000 | |
| Patent (net) | 54,000 | |
| Accounts payable | 19,000 | |
| Interest payable | 9,000 | |
| Notes payable (due in 10 years) | 150,000 | |
| Common stock | 84,000 | |
| Retained earnings | 84,000 | |
| Totals | $ 394,000 | $ 394,000 |
- Calculate the current ratio.
- Calculate the acid-test ratio.
- Calculate the debt to equity ratio.
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World Class Internal Audit Tales From My Journey
Authors: Norman Marks
1st Edition
1500791962, 978-1500791964
