Question

The following is a December 31, 2021, post-closing trial balance for Culver City Lighting, Inc.

Account Title		Debits				Credits
Cash	$	75,000
Accounts receivable		59,000
Inventory		65,000
Prepaid insurance		35,000
Equipment		160,000
Accumulated depreciation					$	54,000
Patent (net)		60,000
Accounts payable						22,000
Interest payable						12,000
Notes payable (due in 10 years)						210,000
Common stock						90,000
Retained earnings						66,000
Totals	$	454,000			$	454,000

Prepare a classified balance sheet for Culver City Lighting, Inc. (Amounts to be deducted should be indicated by a minus sign.)

Answer 1

Answer
Classified balance sheet
Assets
Current assets
Cash	$       75,000
Account receivable	$       59,000
Inventory	$       65,000
Prepaid insurance	$       35,000
Total Current assets		$     234,000
Property, plant and equipment
Equipment	$     160,000
Less: Accumulated depreciation	-$       54,000	$     106,000
Intangible assets
Patent (net)		$       60,000
Total assets		$     400,000
Liabilities and stockholder's equity
Current Liabilities
Account payable	$       22,000
Interest payable	$       12,000
Total Current liabilities		$       34,000
Long term liabilities
Notes payable		$     210,000
Total liabilities		$     244,000
Stockholder's equity
Common Stock	$       90,000
Retained earnings	$       66,000
Total Stockholder' s equity		$     156,000
Total liabilities and stockholder's equity		$     400,000