Question

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.)

  

Answer 1

Culver city lighting, Inc., Balance sheet as on December 31, 2021 Particulare Amounta Assets Cash $ 55,000 $ 39,000 Accounts Receivables $45,000 Inventory $15,000 Prepaid Ensurance $ 100,000 Equipment (34,000) des: accumulated depre Ciation $66.000 $ 40.000 Patents Total Assets $260,000 liabilities and shacholders equitat Accounts payable Pinterest Payable Notes Payable $12,000 $ 2,000 $100,000 $ 114,000 Total liabilities Common stock $ 70,000 $76,000 Retained Gainings $ 146,000 $260.000 Total liabilities # share holde's equila Please do like..., Happy HomeworkLibing X