Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The December 31, 2021 (pre-closing) adjusted trial balance for Kline Enterprises was as follows: Account Title Debit Credit Accounts payable 98,000 Accounts receivable 178,000 Accumulated
The December 31, 2021 (pre-closing) adjusted trial balance for Kline Enterprises was as follows:
Account Title | Debit | Credit | ||||
Accounts payable | 98,000 | |||||
Accounts receivable | 178,000 | |||||
Accumulated depreciationequipment | 268,000 | |||||
Common stock | 498,000 | |||||
Cash | 34,000 | |||||
Cost of goods sold | 488,000 | |||||
Depreciation expense | 68,000 | |||||
Equipment | 716,000 | |||||
Interest expense | 5,000 | |||||
Inventory | 158,000 | |||||
Note payable (due in six months) | 68,000 | |||||
Rent expense | 38,000 | |||||
Retained earnings | 71,000 | |||||
Salaries payable | 16,000 | |||||
Sales revenue | 794,000 | |||||
Salaries expense | 128,000 | |||||
Totals | 1,813,000 | 1,813,000 | ||||
Required: Compute Kline's 12/31/2021 total shareholders equity:
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started