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The following accounts were taken from XYZ Company?s unadjusted trial balance at December 31, 2016: Accounts Payable ............ $56,000Accounts Receivable ......... $69,000Accumulated Depreciation .... $27,000Building
The following accounts were taken from XYZ Company?s unadjusted trial balance at December 31, 2016:
Accounts Payable ............ $56,000Accounts Receivable ......... $69,000Accumulated Depreciation .... $27,000Building .................... $79,000Cash ........................ $23,000Contributed Capital ......... $80,000Cost of Goods Sold .......... $74,000Dividends ................... $10,000Equipment ................... $76,000Income Tax Expense .......... $16,000Interest Revenue ............ $59,000Inventory ................... $61,000Notes Payable ............... $90,000Patent ...................... $17,000Rent Expense ................ $15,000Retained Earnings ........... $40,000 (at January 1, 2016)Sales Revenue ............... $95,000Supplies .................... $29,000Unearned Revenue ............ $36,000Utilities Expense ........... $14,000
ABC Company has not yet recorded adjusting entries related to the following four items:
(1) A physical count revealed that supplies costing $12,000 were still on hand as of December 31, 2016.
(2) The note payable was a bank loan taken out on June 1, 2016. It is a 9-month, 14% loan.
(3) The unearned revenue in the unadjusted trial balance relates to a $36,000 payment from a customer received on March 31, 2016 for work to be performed each month for the next two years.
(4) Depreciation expense of $6,000 has not yet been recorded.
Calculate the total equity reported in XYZ Company's balance sheet at December 31, 2016 afterthe appropriate adjusting entries have been recorded and posted.
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