Question

The following is a December 31, 2021, post-closing trial balance for Culver City Lighting, Inc. 64,000 48,000 54,000 24,000 120,000 Account Cash Recounts receivable Teventory Prepaid insurance Equipment Amalated depreciation Patent (net) Mecounts payable Interest payable Notes payable due in 10 years) Common stock Retained earning Totale 943,000 49,000 16,500 6,500 150,000 79,000 64,000 $350,000 $350,000 Prepare a classified balance sheet for Culver City Lighting, Inc. (Amounts to be deducted should be indicated by a minus sign.)

Answer 1

64000 48000 54000 24000 190000 120000 43000 77000 Answer: Culver City Lightning Inc Balance Sheet At December 31, 2021 Assets Current Assets Cash Accounts Receivable Inventories Prepaid Insurance Total Current Assets Property Plant and Equipment Equipment Less: Accumulated Depreciation Net Property, Plant and Equipment Intangible Assets Patent Total Assets Liabilities and Stockholders Equity Current Liabilities Accounts Payable Interest Payable Current Maturities of Long term Debt Total Current Liabilities Long term liabilities Notes Payable Stockholders Equity Common Stock Retained Earnings total Stockholders Equity Total Liabilities and Stockholders Equity 49000 316000 16500 6500 15000 38000 135000 79000 64000 143000 316000