The following is a December 31, 2021, post-closing trial balance for Culver City Lighting, Inc. 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 Retained earnings 76,000 Totals $ 294,000 $ 294,000 Prepare a classified balance sheet for Culver City Lighting, Inc. (Amounts to be deducted should be indicated by a minus sign.)
The following is a December 31, 2021, post-closing trial balance for Culver City Lighting, Inc. 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 Retained earnings 76,000 Totals $ 294,000 $ 294,000 Prepare a classified balance sheet for Culver City Lighting, Inc. (Amounts to be deducted should be indicated by a minus sign.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following is a December 31, 2021, post-closing
| Account Title | Debits | Credits | |||||||
| Cash | $ | 55,000 | |||||||
| 39,000 | |||||||||
| Inventory | 45,000 | ||||||||
| Prepaid insurance | 15,000 | ||||||||
| Equipment | 100,000 | ||||||||
| $ | 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 | |||||
Prepare a classified
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