The following is a December 31, 2021, post-closing trial balance for Culver City Lighting, Inc. Account Title Debits Credits
Cash $73,000
Accounts receivable 57,000
Inventory 63,000
Prepaid insurance 33,000
Equipment 140,000
Accumulated depreciation $52,000
Patent (net) 58,000
Accounts payable 21,000
Interest payable 11,000
Notes payable (due in 10 years) 190,000
Common stock 88,000
Retained earnings 62,000
Totals $424,000 $424,000
Prepare a classified balance sheet for Culver City Lighting, Inc.

3. describe the purpose of the sec. (1-4 sentences. 2.0 points)

Jamie is saving for a trip to europe. she has an existing savings account that earns 3 percent annual interest and has a current balance of $4,200. jamie doesn’t want to use her current savings for vacation, so she decides to borrow the $1,600 she needs for travel expenses. she will repay the loan in exactly one year. the annual interest rate is 6 percent. a. if jamie were to withdraw the $1,600 from her savings account to finance the trip, how much interest would she forgo? .b. if jamie borrows the $1,600 how much will she pay in interest? c. how much does the trip cost her if she borrows rather than dip into her savings?

Which of the following would be an accurate statement about achieving a balanced budget