1. Business
  2. Accounting
  3. the following is a december 31 2018 postclosing trial balance...

Question: the following is a december 31 2018 postclosing trial balance...

Question details

The following is a December 31, 2018, post-closing trial balance for Culver City Lighting, Inc. Account Title Debits Credits Cash 64,000 Accounts receivable 48,000 Inventories 54,000 Prepaid insurance 24,000 Equipment 120,000 Accumulated depreciation—equipment 43,000 Patent, net 49,000 Accounts payable 16,500 Interest payable 6,500 Note payable (due in 10, equal annual installments) 150,000 Common stock 79,000 Retained earnings 64,000 Totals 359,000 359,000 Prepare a classified balance sheet for Culver City Lighting, Inc. (Amounts to be deducted should be indicated by a minus sign.)

Solution by an expert tutor
Blurred Solution
This question has been solved
Subscribe to see this solution