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The December 31, 2021 (pre-closing) adjusted trial balance for Kline Enterprises was as follows: Account Title Debit Credit Accounts payable 96,000 Accounts receivable 176,000 Accumulated
The December 31, 2021 (pre-closing) adjusted trial balance for Kline Enterprises was as follows:
Account Title | Debit | Credit | ||||
Accounts payable | 96,000 | |||||
Accounts receivable | 176,000 | |||||
Accumulated depreciationequipment | 266,000 | |||||
Common 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 payable | 14,000 | |||||
Sales revenue | 788,000 | |||||
Salaries expense | 126,000 | |||||
Totals | 1,793,000 | 1,793,000 | ||||
Required: Compute Kline's 12/31/2021 total current liabilities:
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