Question

The following is a December 31, 2021, post-closing trial balance for Culver City Lighting, Inc. Credits Debito $ 61,000 45,000 51,000 21,000 120,000 $ 40,000 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 46,000 15,000 5,000 120,000 76,000 BB,000 $344,000 $344,000 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 At December 31,2021 Assets Current Assets Cash $ 61,000 Accounts Receivable $ 45,000 Inventory $ 51,000 Prepaid Insurance $ 21,000 $ 178,000 Total Current Assets Property, plant and Equipment Equipment Less : Accumulated Depreciation Net Property, plant and Equipment Intangible assets : Patents $ 120,000 $ 40,000) $ 80,000 $ 46,000 Total Assets $ 304,000 Liabilities and stockholders Equity Current liabilities Accounts Payable $ 15,000 Interest payable $ 5,000 $ 20,000 Total Current liabilities Long term liabilities Notes Payable $ 120,000 $ 140,000 Total Liabilities Shareholders Equity Common Stock Retained Earnings $ 76,000 $ 88,000 Total Shareholders Equity Total Liabilities and Shareholders Equity $164,000 $ 304,000