Question

The following is a December 31, 2021, post-closing trial balance for Culver City Lighting, Inc.

Account Title		Debits				Credits
Cash	$	58,000
Accounts receivable		42,000
Inventory		48,000
Prepaid insurance		18,000
Equipment		130,000
Accumulated depreciation					$	37,000
Patent (net)		43,000
Accounts payable						13,500
Interest payable						3,500
Notes payable (due in 10 years)						130,000
Common stock						73,000
Retained earnings						82,000
Totals	$	339,000			$	339,000

Prepare a classified balance sheet for Culver City Lighting, Inc. (Amounts to be deducted should be indicated by a minus sign.)

Answer 1

Classified balance sheet

Assets
Current assets
Cash	58000
Account receivable	42000
Inventory	48000
Prepaid insurance	18000
Total Current assets		166000
Property, plant and equipment
Equipment	130000
Less: Accumulated depreciation	-37000	93000
Intangible assets
Patent (net)		43000
Total assets		302000
Liabilities and stockholder's equity
Current Liabilities
Account payable	13500
Interest payable	3500
Total Current liabilities		17000
Long term liabilities
Notes payable		130000
Total liabilities		147000
Stockholder's equity
Common Stock	73000
Retained earnings	82000
Total Stockholder' s equity		155000
Total liabilities and stockholder's equity		302000