Question

Credits Debits $ 75, eee 59,00 65,899 35,000 160,00 $ 54,800 Account Title Cash Accounts receivable Inventory Prepaid insurance Equipment Accumulated depreciation Patent (net) Accounts payable Interest payable Notes payable (due in 10 years) Common stock Retained earnings Totals 60,000 22, eee 12,800 210,000 90, eee 66, eee $454, eee $454, eee 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 S Cash Accounts receivable Inventory Prepaid insurance 75,000 59,000 65,000 35,000 Total current assets 234,000 Property, plant and equipment 0 Net property, plant, and equipment Intangible assets Total assets S 234,000 Liabilities and Shareholders' Equity Current liabilities Total current liabilities Long-term liabilities 0 Total liabilities Shareholders' equity 0 Total shareholders' equity Total liabilities and shareholders' equity S 0

Answer 1

CULVER CITY LIGHTING INC. Balance Sheet At December 31, 2021 Assets Current Assets Cash $75,000 Accounts Receivable $59,000 Inventory $65,000 Prepaid Insurance $35,000 Total Current Assets $234,000 Net Property, plant and equipments Equipment $160,000 Less: Accumulated Depreciation ($54,000) $106,000 Intengible Assets Patent $60,000 $60,000 $400,000 $34,000 Total Assets Liabilities and Shareholder's Equity Current Liabilities Accounts Payable $22,000 Interest Payable $12,000 Total Current Liabilities Long-term liabilities Notes Payable $210,000 Total Long-term Liabilities Total Liabilities Shareholders Equity Common Stock $90,000 Retained Earnings $66,000 Total Shareholder's Equity Total liabilities and Shareholder's equity $210,000 $244,000 $156,000 $400,000

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