The following is a December 31, 2024, post-closing trial balance for Culver City Lighting, Incorporated. Debits $ 66,000 50,000 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 1. Calculate the current ratio. 2. Calculate the acid-test ratio. 3. Calculate the debt to equity ratio. 56,000 26,000 100,000 51,000 $ 349,000 Credits $ 45,000 17,500 7,500 120,000 81,000 78,000 $ 349,000

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is