Question

BE 3-5 Balance sheet classification L03-2.0-3 The following is a December 31, 2021, post closing trial balance for Culver City Lighting. Ine. Prepare a classified balance sheet for the company. 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 76.000 Totals $294.000 $294.000 Retained earning Page 142

Answer 1

Assets
Current assets
...cash	$55,000
...accounts receivables	$39,000
...inventories	$45,000
...prepaid insurance	$15,000
Total Current assets		$154,000
Property, Plant and Equipment
...Equipment	$100,000
...(-) Accumulated depreciation	$34,000
Net property, plant and equipment		$66,000
Intangible assets
... Patent		$40,000
Total assets		$260,000
Liabilities and shareholders equity
Current liabilities
...Accounts Payable	$12,000
...Interest payable	$2000
Total Current Liabilities		$14,000
Long term Liabilities
...Notes payable		$100,000
Total Liabilities		$114,000
Shareholders Equity
...Common Stock	$70,000
...Retained Earnings	$76,000
Total shareholders Equity		$146,000
Total Liabilities and shareholders equity		$260,000

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