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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 103,000 Accounts receivable 183,000 Accumulated
The December 31, 2021 (pre-closing) adjusted trial balance for Kline Enterprises was as follows:
Account Title | Debit | Credit | ||||
Accounts payable | 103,000 | |||||
Accounts receivable | 183,000 | |||||
Accumulated depreciationequipment | 273,000 | |||||
Common stock | 503,000 | |||||
Cash | 39,000 | |||||
Cost of goods sold | 493,000 | |||||
Depreciation expense | 73,000 | |||||
Equipment | 726,000 | |||||
Interest expense | 3,000 | |||||
Inventory | 163,000 | |||||
Note payable (due in six months) | 73,000 | |||||
Rent expense | 43,000 | |||||
Retained earnings | 74,000 | |||||
Salaries payable | 21,000 | |||||
Sales revenue | 809,000 | |||||
Salaries expense | 133,000 | |||||
Totals | 1,856,000 | 1,856,000 | ||||
Required: Compute Kline's 12/31/2021 total shareholders equity:
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