The following is a December 31, 2021, post-closing trial balance for Culver City Lighting, Inc.
Account Title Debits Credits
Cash $73,000
Accounts receivable 57,000
Inventory 63,000
Prepaid insurance 33,000
Equipment 140,000
Accumulated depreciation $52,000
Patent (net) 58,000
Accounts payable 21,000
Interest payable 11,000
Notes payable (due in 10 years) 190,000
Common stock 88,000
Retained earnings 62,000
Totals $424,000 $424,000
Prepare a classified balance sheet for Culver City Lighting, Inc.
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The following is a December 31, 2021, post-closing trial balance for Culver City Lighting, Inc.
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