8.

The December 31, 2016 (pre-closing) adjusted trial balance for Kline Enterprises was as follows:

	Debit			Credit
Accounts payable					100,000
Accounts receivable		180,000
Accumulated depreciation - equipment					270,000
Capital stock					500,000
Cash		36,000
Cost of goods sold		490,000
Depreciation expense		70,000
Equipment		720,000
Interest expense		7,000
Inventory		160,000
Note payable (due in six months)					70,000
Rent expense		40,000
Retained earnings					75,000
Salaries and wages payable					18,000
Sales revenue					800,000
Salaries expense		130,000
Totals		1,833,000			1,833,000

Required:

Assuming no income taxes, compute the Kline's 12/31/16 total current assets:

CURRENT ASSETS: ?

9.

The December 31, 2016 (pre-closing) adjusted trial balance for Kline Enterprises was as follows:

	Debit			Credit
Accounts payable					107,000
Accounts receivable		187,000
Accumulated depreciation - equipment					277,000
Capital stock					507,000
Cash		43,000
Cost of goods sold		497,000
Depreciation expense		77,000
Equipment		734,000
Interest expense		7,000
Inventory		167,000
Note payable (due in six months)					77,000
Rent expense		47,000
Retained earnings					82,000
Salaries and wages payable					25,000
Sales revenue					821,000
Salaries expense		137,000
Totals		1,896,000			1,896,000

Required:

Assuming no income taxes, compute the Kline's 12/31/16 total current liabilities:

CURRENT LIABILITIES: ?

10.

The following is selected financial information for Osmond Dental Laboratories for 2015 and 2016:

		2015		2016
Retained earnings, January 1	$	67,000		?
Net income		51,000		56,000
Dividends declared and paid		29,000		32,000
Capital stock		84,000		?

Osmond issued 3,400 shares of additional capital stock in 2016 for $34,000. There were no other capital transactions.

Required:

Prepare a statement of shareholders' equity for Osmond Dental Laboratories for the year ended December 31, 2016.

OSMOND DENTAL LABORATORIES
Statement of Shareholders' Equity
For the Year Ended December 31, 2016
			Total
	Capital	Retained	Shareholders
	Stock	Earnings	Equity
Balance at January 1, 2016	?	?	?
	?	?	?
	?	?	?
	?	?	?
Balance at December 31, 2016	?	?	?