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

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

Account Title Debits Credits
Cash $ 65,000
Accounts receivable 49,000
Inventory 55,000
Prepaid insurance 25,000
Equipment 130,000
Accumulated depreciation $ 44,000
Patent (net) 50,000
Accounts payable 17,000
Interest payable 7,000
Notes payable (due in 10 years) 160,000
Common stock 80,000
Retained earnings 66,000
Totals $ 374,000 $ 374,000


a. Calculate the current ratio.
b. Calculate the acid-test ratio.
c. Calculate the debt to equity ratio.

Current Ratio
Numerator = = 0
Denominator
Acid-Test Ratio
Numerator = = 0
Denominator
Debt to Equity Ratio
Numerator = = 0
Denominator

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Expert Solution

ekkarill92 answered 2 years ago
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