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The December 31, 2021 (pre-closing) adjusted trial balance for Kline Enterprises was as follows: Account Title Debit Accounts payable Credit 104,000 Accounts receivable 184,000
The December 31, 2021 (pre-closing) adjusted trial balance for Kline Enterprises was as follows: Account Title Debit Accounts payable Credit 104,000 Accounts receivable 184,000 Accumulated depreciation-equipment 274,000 Common stock 504,000 Cash 40,000 Cost of goods sold 494,000 Depreciation expense 74,000 Equipment 728,000 Interest expense 4,000 Inventory 164,000 Note payable (due in six months) 74,000 Rent expense 44,000 Retained earnings 76,000 Salaries payable 22,000 Sales revenue Salaries expense Totals 812,000 134,000 1,866,000 1,866,000 Required: Compute Kline's 12/31/2021 total shareholders equity: Shareholders' equity $ 366,000
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