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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.

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 ? ? ?

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