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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 -
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: |
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