Question & Answer: The following is a December 31, 2016, post-closing trial balance for Culver City Lighting, Inc. Account Title Cash Accounts receivable Inventories Prepaid insur…..

The following is a December 31, 2016, post-closing 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 Debits Credits 63,000 47,000 53,000 23,000 110,000 42,000 48,000 16,000 6,000 140,000 78,000 62,000 Totals 344,000 344,000
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The following is a December 31, 2016, post-closing 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 Debits Credits 63,000 47,000 53,000 23,000 110,000 42,000 48,000 16,000 6,000 140,000 78,000 62,000 Totals 344,000 344,000

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Question & Answer: The following is a December 31, 2016, post-closing trial balance for Culver City Lighting, Inc. Account Title Cash Accounts receivable Inventories Prepaid insur…..
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ASSETS
Current Assets
Cash 63000
Account receivable 47000
Inventory 53000
Prepaid Insurance 23000
TOTAL CURRENT ASSETS 186000
LONG TERM INVESTMENT
PROPERTY,PLANT & EQUIPMENT
Equipment 110000
Less: Accumlated dep (42000) 68000
INTANGIBLE ASSETS
Patent Net 48000
OTHER ASSETS
TOTAL ASSETS 302000
LIABILITIES AND STOCKHOLDER’S EQUITY
Current liabilities
Account payable 16000
Interest payable 6000
Notes payable 14000
TOTAL CURRENT LIABILITIES 36000
LONG TERM LIABILITIES
Notes payable (140000-14000) 126000
STOCKHOLDER’S EQUITY
Common stock 78000
Retained earnings 62000 140000
TOTAL LIABILITIES AND SHAREHOLDER’S EQUITY 302000

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