The following is a December 31, 2024, post-closing trial balance for Culver City Lighting, Incorporated. 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 Debits $ 55,000 39,000 45,000 15,000 100,000 40,000 $ 294,000 Credits $ 34,000 12,000 2,000 100,000 70,000 76,000 $ 294,000 Culver City Lighting, Incorporated. Prepare a classified balance sheet for Note: Amounts to be deducted should be indicated by a minus sign.

The following is a December 31, 2024, post-closing trial balance for Culver City Lighting, Incorporated. 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 Debits $ 55,000 39,000 45,000 15,000 100,000 40,000 $ 294,000 Credits $ 34,000 12,000 2,000 100,000 70,000 76,000 $ 294,000 Culver City Lighting, Incorporated. Prepare a classified balance sheet for Note: Amounts to be deducted should be indicated by a minus sign.

Name: The following is a December 31, 2024, post-closing trial balance for
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Description: The following is a December 31, 2024, post-closing trial balance for Culver City Lighting, Incorporated.Account TitleCashAccounts receivableInventoryPrepaid insuranceEquipmentAccumulated depreciationPatent (net)Accounts payableInterest payableNotes

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following are the ending balances of accounts at December 31, 2024, for the Valley Pump Corporation. Account Title Credits Debits $ 44,000 Cash 94,000 119,000 Accounts receivable Inventory Interest payable Investment in equity securities Land Buildings Accumulated depreciation- buildings Equipment Accumulated depreciation- equipment Copyright (net) Prepaid expenses (next 12 months) Accounts payable Deferred revenue (next 12 months) Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals 82,000 158,000 395,000 113,000 31,000 51,000 $ $ 29,000 119,000 44,000 VALLEY PUMP CORPORATION Balance Sheet At December 31, 2024 84,000 39,000 345,000 6,000 390,000 31,000 $ 1,087,000 1,087,000 Additional Information: 1. The $158,000 balance in the land account consists of $119,000 for the cost of land where the plant and office buildings are located. The remaining $39,000 represents the cost of land being held for speculation. 2. The $82,000 balance in the…
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