newconnect.mheducation.com Connect To Do Assi The fol 31, 2018, trial pter 03 Pr
ID: 2436462 • Letter: N
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newconnect.mheducation.com Connect To Do Assi The fol 31, 2018, trial pter 03 Pre-Built Problems Saved Help 1 The following is a December 31, 2018, post-closing trial balance for Culver City Lighting, Inc. Debits 71,000 55,000 61,000 31,000 150,000 Accounts receivable Inventories Prepaid insurance Equipment Accumulated depreciation-equipment Patent, net Accounts payable Interest payable Note payable (due in 10, equal annual installments) 50,000 56,000 20,000 10,000 170,000 86,000 88,000 424,000 424,000 Book Print Retained earnings Totals Prepare a classified balance sheet for Culver City Lighting, Inc. (Amounts to be deducted should be indicated by a CULVER CITY LIGHTING, INC Balance Sheet At December 31, 2018
Explanation / Answer
CULVER CITY LIGHTING INC.
Balance Sheet
At December 31, 2018
Assets
Current assets
Cash
$71,000.00
Accounts receivable
$55,000.00
Inventories
$61,000.00
Prepaid Insurance
$31,000.00
Total current assets
$218,000.00
Property plant and Equipment
Equipment
$150,000.00
Accumulated Depreciation
$50,000.00
Net Property plant and Equipment
$ 100,000.00
Intangible assets
Patent
$56,000.00
Total assets
$374,000.00
Liabilities and Shareholders' equity
Current liabilties
Accounts payable
$20,000.00
Interest payable
$10,000.00
Total current liabilities
$30,000.00
Long term liabilities
Notes payable
$170,000.00
Shareholders' equity
Common stock
$86,000.00
Retained earnings
$88,000.00
Total shareholders' equity
$174,000.00
Total liabilties and Shareholders' equity
$374,000.00
CULVER CITY LIGHTING INC.
Balance Sheet
At December 31, 2018
Assets
Current assets
Cash
$71,000.00
Accounts receivable
$55,000.00
Inventories
$61,000.00
Prepaid Insurance
$31,000.00
Total current assets
$218,000.00
Property plant and Equipment
Equipment
$150,000.00
Accumulated Depreciation
$50,000.00
Net Property plant and Equipment
$ 100,000.00
Intangible assets
Patent
$56,000.00
Total assets
$374,000.00
Liabilities and Shareholders' equity
Current liabilties
Accounts payable
$20,000.00
Interest payable
$10,000.00
Total current liabilities
$30,000.00
Long term liabilities
Notes payable
$170,000.00
Shareholders' equity
Common stock
$86,000.00
Retained earnings
$88,000.00
Total shareholders' equity
$174,000.00
Total liabilties and Shareholders' equity
$374,000.00
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