HW Mod 2 #1 - AssignmentPrintView Score http\/ezto.mheducation.com\/hm.tpx?todo=printviewSingle 48.84\/50 Points 97.68 1\/5 1 AssignmentPrintView Award

HW Mod 2 #1 - AssignmentPrintView Score...

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Unformatted text preview: 5/11/2016 Assignment Print View Score: 48.84/50 Points 97.68 % 1/5 5/11/2016 1. Assignment Print View Award: 15.50 out of 16.66 points The following is a December 31, 2013, post­closing trial balance for Culver City Lighting, Inc. Account Title Cash Accounts receivable Inventories Prepaid insurance Equipment Accumulated depreciation—equipment Patent, net Accounts payable Interest payable Note payable (due in 10, equal annual installments) Common stock Retained earnings Totals Debits 61,000 45,000 51,000 21,000 120,000 46,000 Credits 40,000 15,000 5,000 120,000 76,000 88,000 344,000 344,000 Prepare a classified balance sheet for Culver City Lighting, Inc. CULVER CITY LIGHTING, INC. Balance Sheet At December 31, 2013 Assets Current assets: Cash $ 61,000 Inventories 51,000 Accounts receivable 45,000 Prepaid insurance 21,000 Total current assets 178,000 Property, plant, and equipment: Equipment Less: Accumulated depreciation $ 120,000 40,000 2/5 5/11/2016 Assignment Print View Less: Accumulated depreciation 40,000 80,000 Net property, plant, and equipment Intangible assets: Patent 46,000 Total assets $ 304,000 $ 15,000 Liabilities and Shareholders' Equity Current liabilities: Accounts payable Interest payable 5,000 Total current liabilities 20,000 Long­term liabilities: Note payable 108,000 Shareholders’ equity: Common stock $ Retained earnings 76,000 88,000 Total shareholders’ equity Total liabilities and shareholders’ equity 164,000 $ 292,000 *Red text indicates no response was expected in a cell or a formula­based calculation is incorrect; no points deducted. References Brief Exercise Learning Objective: 03­02 Identify and describe the various balance sheet asset classifications. Learning Objective: 03­03 Identify and describe the two balance sheet liability classifications. 3/5 5/11/2016 Assignment Print View The following is a December 31, 2013, post­closing trial balance for Culver City Lighting, Inc. Account Title Cash Accounts receivable Inventories Prepaid insurance Equipment Accumulated depreciation—equipment Patent, net Accounts payable Interest payable Note payable (due in 10, equal annual installments) Common stock Retained earnings Totals Debits 61,000 45,000 51,000 21,000 120,000 46,000 Credits 40,000 15,000 5,000 120,000 76,000 88,000 344,000 344,000 Prepare a classified balance sheet for Culver City Lighting, Inc. CULVER CITY LIGHTING, INC. Balance Sheet At December 31, 2013 Assets Current assets: Cash $ Accounts receivable 45,000 Inventories 51,000 Prepaid insurance 21,000 Total current assets 61,000 178,000 Property, plant, and equipment: Equipment $ 120,000 Less: Accumulated depreciation (40,000) Net property, plant, and equipment 80,000 Intangible assets: Patent 46,000 4/5 5/11/2016 Assignment Print View $ Total assets 304,000 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ Interest payable 5,000 Current maturities of long­term debt 12,000 Total current liabilities 15,000 32,000 Long­term liabilities: Note payable 108,000 Shareholders’ equity: Common stock $ 76,000 Retained earnings 88,000 Total shareholders’ equity Total liabilities and shareholders’ equity 164,000 $ 304,000 Explanation: No further explanation details are available for this problem. 5/5 ...
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