The following is December 31, 2021, post-closing trial balance for Culver City Lighting, Inc. ...
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Accounting
The following is December 31, 2021, post-closing trial balance for Culver City Lighting, Inc.
Account Title Debits Credits
Cash$75,000
Accounts receivable 59,000
Inventory 65,000
Prepaid insurance 35,000
Equipment 160,000
Accumulated depreciation $54,000
Patent (net) 60,000
Accounts payable 22,000
Interest payable 12,000
Notes payable (due in 10 years) 210,000
Common stock 90,000
Retained earnings 66,000
Totals$454,000 $454,000
a. Calculate the current ratio. b. Calculate the acid-test ratio. c. Calculate the debt to equity ratio.
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