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The following is a December 31, 2018, post-closing trial balance for Culver City Lighting, Inc. Account...

The following is a December 31, 2018, post-closing trial balance for Culver City Lighting, Inc. Account Title Debits Credits Cash 64,000 Accounts receivable 48,000 Inventories 54,000 Prepaid insurance 24,000 Equipment 120,000 Accumulated depreciation—equipment 43,000 Patent, net 49,000 Accounts payable 16,500 Interest payable 6,500 Note payable (due in 10, equal annual installments) 150,000 Common stock 79,000 Retained earnings 64,000 Totals 359,000 359,000 Prepare a classified balance sheet for Culver City Lighting, Inc. (Amounts to be deducted should be indicated by a minus sign.)

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Answer #1

Prepare classified balance sheet

Assets
Current assets
Cash 64000
Account receivable 48000
Inventories 54000
prepaid insurance 24000
Total Current assets 190000
Non Current assets
Equipment 120000
Less: Accumulated depreciation-Depreciation -43000 77000
Other assets
Patent 49000
49000
Total Assets 316000
Liabilities and stockholder's equity
Current liabilities
Account payable 16500
Interest payable 6500
Notes payable 15000
Total Current liabilities 38000
Long term liabilities
Notes payable 135000
Total liabilities 173000
Stockholder's equity
Common Stock 79000
Retained earnings 64000
Total Stockholder's equity 143000
Total liabilities and stockholder's equity 316000
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