Question
The December 31, 2024 (pre-closing) adjusted trial balance for Kline Enterprises was as follows: Account Title Debit Credit Accounts payable $ 98,000 Accounts receivable $
The December 31, 2024 (pre-closing) adjusted trial balance for Kline Enterprises was as follows:
Account Title | Debit | Credit |
Accounts payable |
| $ 98,000 |
Accounts receivable | $ 178,000 |
|
Accumulated depreciation |
| 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 (4 points): Compute Kline's 2024 net income (or loss).
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