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The December 31, 2016 (pre-closing) adjusted trial balance for Kline Enterprises was as follows: Debit Credit Accounts payable 96,000 Accounts receivable 176,000 Accumulated depreciation -
The December 31, 2016 (pre-closing) adjusted trial balance for Kline Enterprises was as follows:
Debit | Credit | |||||
Accounts payable | 96,000 | |||||
Accounts receivable | 176,000 | |||||
Accumulated depreciation - equipment | 266,000 | |||||
Capital stock | 496,000 | |||||
Cash | 32,000 | |||||
Cost of goods sold | 486,000 | |||||
Depreciation expense | 66,000 | |||||
Equipment | 712,000 | |||||
Interest expense | 3,000 | |||||
Inventory | 156,000 | |||||
Note payable (due in six months) | 66,000 | |||||
Rent expense | 36,000 | |||||
Retained earnings | 67,000 | |||||
Salaries and wages payable | 14,000 | |||||
Sales revenue | 788,000 | |||||
Salaries expense | 126,000 | |||||
Totals | 1,793,000 | 1,793,000 | ||||
Required: |
Assuming no income taxes, compute the Kline's 12/31/16 total current assets: CURRENT ASSETS...??? |
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