Question

The following is a December 31, 2021, post-closing trial balance for Culver City Lighting, Inc. Credits Debits $ 60.000 44,000 50.000 20.000 115.000 Account Title Cash Accounts receivable Inventory Prepaid insurance Equipment Accumulated depreciation Patent (net) Accounts payable Interest payable Notes payable (due in 10 years) Connon stock Retained earnings Totals $ 39,000 45.000 14.500 4.500 150.000 75,000 51.000 $334.000 $334,000 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 Cash Accounts receivable Prepaid insurance Inventory 60.000 44,000 20,000 50 000 174,000 $ Total current assets Property, plant, and equipment Equipment Accumulated depreciation Net property, plant, and equipment Intangible assets Patent (net) 115,000 (39,000) 76 000 45,000 Total assets $ 295.000

Answer 1

Balance sheet

December 31

Assets
Current assets
cash	60000
Account receivable	44000
Inventory	50000
Prepaid insurance	20000
Total Current assets		174000
Property, plant and equipment
Equipment	115000
Less: Accumulated depreciation-equipment	-39000
Net property, plant and equipment		76000
Intangible assets
Patent		45000
Total assets		295000
Liabilities and stockholder's equity
Current liabilities
Account payable	14500
Interest payable	4500
Total Current liabilities		19000
Long term liabilities
Bonds payable		150000
Total liabilities		169000
Stockholder's equity
Common Stock	75000
Retained earnings	51000
Total Stockholder's equity		126000
Total liabilities and stockholder's equity		295000