ACC 307 2-2 Homework 1 - The following is a post-closing...

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The following is a December 31, 2013, post-closing trial balance for Culver City Lighting, Inc.Account TitleDebitsCreditsCash72,000 Accountsreceivable56,000 Inventories62,000 Prepaid insurance32,000 Equipment130,000 Accumulated depreciation—equipment51,000 Patent, net57,000 Accountspayable20,500 Interest payable10,500 Note payable (due in 10, equal annual installments)180,000 Commonstock87,000 Retainedearnings60,000 Totals409,000 409,000 Prepare a classified balance sheet for Culver City Lighting, Inc.
CULVER CITY LIGHTING, INC.Balance SheetAt December 31, 2013AssetsCurrent assets:Cash$72,000Accounts receivable56,000Inventories62,000Prepaid insurance

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