Question
The following accounts were taken from Matt Companys unadjusted trial balance at December 31, 2019: Accounts Payable ............ $69,000 Accounts Receivable ......... $53,000 Accumulated Depreciation
The following accounts were taken from Matt Companys unadjusted trial balance at December 31, 2019:
Accounts Payable ............ $69,000
Accounts Receivable ......... $53,000
Accumulated Depreciation .... $47,000
Advertising Expense ......... $14,000
Building .................... $71,000
Cash ........................ $22,000
Contributed Capital ......... $98,000
Cost of Goods Sold .......... $53,000
Dividends ................... $11,000
Equipment ................... $57,000
Insurance Expense ........... $12,000
Inventory ................... $58,000
Notes Receivable ............ $46,000
Patent ...................... $21,000
Rental Revenue .............. $39,000
Retained Earnings ........... $72,000 (at January 1, 2019)
Sales Revenue ............... $93,000
Matt Company has not yet recorded adjusting entries related to the following three items: (1) Income tax expense of $16,000 has not yet been accrued. (2) Depreciation expense of $4,000 has not yet been recorded. (3) The note receivable was a 9-month, 15% loan given to a customer on June 1, 2019.
Calculate the total current assets reported in Matt Company's balance sheet at December 31, 2019 after the appropriate adjusting entries have been recorded and posted. Do not use decimals in your answer.
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