The following is a December 31, 2016, post-closing trial balance for Culver City Lighting, Inc.
| Account Title | Debits | Credits |
| Cash | 61,000 | |
| Accounts receivable | 45,000 | |
| Inventories | 51,000 | |
| Prepaid insurance | 21,000 | |
| Equipment | 120,000 | |
| Accumulated depreciation?equipment | 40,000 | |
| Patent, net | 46,000 | |
| Accounts payable | 15,000 | |
| Interest payable | 5,000 | |
| Note payable (due in 10, equal annual installments) | 120,000 | |
| Common stock | 76,000 | |
| Retained earnings | 88,000 | |
| Totals | 344,000 | 344,000 |
| a. | Calculate the current ratio. |
DATE
Question answered on Jul 22, 2018
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Solution~000447539.zip (18.37 KB)
