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The following is a December 31, 2006, post closing trial balancefor Culver City Lighting, Inc. Prepare a classified balance sheetfor the company.

Account Title

Debits Credits

Cash 55,000

Accounts receivable 39,000

Inventories 45,000

Prepaid insurance 15,000

Equipment 100,000

Accumulated depreciation—equipment 34,000

Patent, net 40,000

Accounts payable 12,000

Interest payable 2,000

Note payable (due in 10, equal annual installments) 100,000

Common stock 70,000

Retained earnings 76,000

Totals 294,000 294,000

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Jamar Ferry
Jamar FerryLv2
28 Sep 2019
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The following is December 31, 2018, post-closing trial balance for culver city lighting, inc.

Account Title Debits Credits
Cash 74,000  
Accounts receivable 58,000  
Inventories 64,000  
Prepaid Insurance 34,000  
Equipment 150,000  
Accumulated Depreciation equipment   53,000
Patent, net 59,000  
Accounts payable   21,500
Interest payable   11,500
Note Payable (due in 10, equal annual installments)   200,000
Common stock   64,000
Retained earnings   89,000
Totals 439,000 439,000

 

Prepare a classified balance sheet for Culver City Lighting, Inc.

Balance Sheet:

 

The following is a December 31, 2013, post-closing trial balancefor the Vosburgh Electronics Corporation.

Account Title

Cash 95,000 (Debit)

Short-term investments 210,000 (Debit)

Accounts receivable 151,000 (Debit)

Long-term investments 49,000 (Debit)

Inventories 229,000 (Debit)

Loans to employees 54,000 (Debit)

Prepaid expenses (for 2014) 30,000 (Debit)

Land 294,000 (Debit)

Building 1,690,000 (Debit)

Machinery and equipment 651,000 (Debit)

Patent 166,000 Franchise 54,000 (Debit)

Note receivable 320,000 (Debit)

Interest receivable 26,000 (Debit)

Accumulated depreciation%u2014building 634,000 (Credit)

Accumulated depreciation%u2014equipment 224,000 (Credit)

Accounts payable 203,000 (Credit)

Dividends payable (payable on 1/16/14) 24,000 (Credit)

Interest payable 30,000 (Credit)

Taxes payable 54,000(Credit)

Unearned revenue 74,000 (Credit)

Notes payable 328,000 (Credit)

Allowance for uncollectible accounts 22,000 (Credit)

Common stock 2,056,000 (Credit)

Retained earnings 370,000(Credit)

Totals 4,019,000 (Debits) 4,019,000(Credits)


Additional information:

1. The common stock represents 1.1 million shares of no parstock authorized, 640,000 shares issued and outstanding.

2. The loans to employees are due on June 30, 2014.

3. The note receivable is due in installments of $64,000,payable on each September 30. Interest is payable annually.

4. Short-term investments consist of marketable equitysecurities that the company plans to sell in 2014 and $64,000 intreasury bills purchased on December 15 of the current year thatmature on February 15, 2014. Long-term investments consist ofmarketable equity securities that the company does not plan to sellin the next year.

5. Unearned revenue represents customer payments for extendedservice contracts. 75 percent of these contracts expire in 2014,the remainder in 2015.

6. Notes payable consists of two notes, one for $114,000 due onJanuary 15, 2015, and another for $214,000 due on June 30,2016.


Required: 1. Prepare a classified balance sheet for Vosburgh atDecember 31, 2013.

The following is a December 31, 2013, post-closing trial balancefor the Vosburgh Electronics Corporation.

Account Title

Cash 95,000 (Debit)

Short-term investments 210,000 (Debit)

Accounts receivable 151,000 (Debit)

Long-term investments 49,000 (Debit)

Inventories 229,000 (Debit)

Loans to employees 54,000 (Debit)

Prepaid expenses (for 2014) 30,000 (Debit)

Land 294,000 (Debit)

Building 1,690,000 (Debit)

Machinery and equipment 651,000 (Debit)

Patent 166,000 Franchise 54,000 (Debit)

Note receivable 320,000 (Debit)

Interest receivable 26,000 (Debit)

Accumulated depreciation%u2014building 634,000 (Credit)

Accumulated depreciation%u2014equipment 224,000 (Credit)

Accounts payable 203,000 (Credit)

Dividends payable (payable on 1/16/14) 24,000 (Credit)

Interest payable 30,000 (Credit)

Taxes payable 54,000(Credit)

Unearned revenue 74,000 (Credit)

Notes payable 328,000 (Credit)

Allowance for uncollectible accounts 22,000 (Credit)

Common stock 2,056,000 (Credit)

Retained earnings 370,000(Credit)

Totals 4,019,000 (Debits) 4,019,000(Credits)


Additional information:

1. The common stock represents 1.1 million shares of no parstock authorized, 640,000 shares issued and outstanding.

2. The loans to employees are due on June 30, 2014.

3. The note receivable is due in installments of $64,000,payable on each September 30. Interest is payable annually.

4. Short-term investments consist of marketable equitysecurities that the company plans to sell in 2014 and $64,000 intreasury bills purchased on December 15 of the current year thatmature on February 15, 2014. Long-term investments consist ofmarketable equity securities that the company does not plan to sellin the next year.

5. Unearned revenue represents customer payments for extendedservice contracts. 75 percent of these contracts expire in 2014,the remainder in 2015.

6. Notes payable consists of two notes, one for $114,000 due onJanuary 15, 2015, and another for $214,000 due on June 30,2016.


Required: 1. Prepare a classified balance sheet for Vosburgh atDecember 31, 2013.

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