Question
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
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. |
|
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