Culver City Lighting (Acctg307) Answers - Assignment Print...

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Score:48.17out of 50 points (96.34%)Page 1 of 5Assignment Print View5/20/2015...
1.award:14.83 out of16.66 pointsThe following is a December 31, 2013, post-closing trial balance for Culver City Lighting, Inc.Account TitleDebitsCreditsCash64,000Accounts receivable48,000Inventories54,000Prepaid insurance24,000Equipment120,000Accumulated depreciation—equipment43,000Patent, net49,000Accounts payable16,500Interest payable6,500Note payable (due in 10, equal annual installments)150,000Common stock79,000Retained earnings64,000Totals359,000359,000Prepare a classified balance sheet for Culver City Lighting, Inc.Page 2 of 5Assignment Print View5/20/2015...
*Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted.$$$$$$CULVER CITY LIGHTING, INC.Balance SheetAt December 31, 2013AssetsCurrent assets:Cash64,000Inventories54,000Prepaid insurance24,000Accounts receivable48,000Total current assets190,000Property, plant, and equipment:

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