(Solution Document) The following is a December 31, 2016, post-closing trial balance for Culver City


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.

 







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