Question: Why is this wrong and how do I do? The following is a December 31, 2021, post-closing trial balance for Culver City Lighting, Inc. Account


Why is this wrong and how do I do?
The following is a December 31, 2021, post-closing trial balance for Culver City Lighting, Inc. Account Title Credits Cash Debits $ 74,000 58,000 64,000 34,000 150,000 $ 53,000 59,000 Accounts receivable Inventory Prepaid insurance Equipment Accumulated depreciation Patent (net) Accounts payable Interest payable Notes payable (due in 10 years) Common stock Retained earnings Totals 21,500 11,500 200,000 89,000 64,000 $439,000 $439,000 Prepare a classified balance sheet for Culver City Lighting, Inc. (Amounts to be deducted should be indicated by a minus sign.) Answer is not complete. CULVER CITY LIGHTING, INC. Balance Sheet At December 31, 2021 Assets Current assets Cash Accounts receivable Inventory Prepaid insurance Equipment Total current assets Property, plant, and equipment Patent (net) 0 0 Net property, plant, and equipment Intangible assets Common stock Retained earnings Total assets Liabilities and Shareholders' Equity $ 0 Retained earnings Total assets $ 0 Liabilities and Shareholders' Equity Current liabilities Accounts payable 0 Total current liabilities Long-term liabilities Notes payable 0 Total liabilities Shareholders' equity 0 Total shareholders' equity Total liabilities and shareholders' equity GA 0
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