ZuoTi.Pro
Question

The December 31, 2021 (pre-closing) adjusted trial balance for Kline Enterprises was as follows: Account Title...

The December 31, 2021 (pre-closing) adjusted trial balance for Kline Enterprises was as follows: Account Title Debit Credit Accounts payable 107,000 Accounts receivable 187,000 Accumulated depreciation—equipment 277,000 Common stock 507,000 Cash 43,000 Cost of goods sold 497,000 Depreciation expense 77,000 Equipment 734,000 Interest expense 7,000 Inventory 167,000 Note payable (due in six months) 77,000 Rent expense 47,000 Retained earnings 82,000 Salaries payable 25,000 Sales revenue 821,000 Salaries expense 137,000 Totals 1,896,000 1,896,000 Required: Compute Kline's 12/31/2021 total shareholders equity:

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Calculate total Stockholder's equity

Common Stock 507000
Retained earnings 138000
Total Stockholder's equity 645000

Retained earning s= 82000+821000-497000-77000-7000-47000-137000 = 138000

0 0
Add a comment
Know the answer?
Add Answer to:
The December 31, 2021 (pre-closing) adjusted trial balance for Kline Enterprises was as follows: Account Title...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • 1/ The December 31, 2018 (pre-closing) adjusted trial balance for Kline Enterprises was as follows: Account...

    1/ The December 31, 2018 (pre-closing) adjusted trial balance for Kline Enterprises was as follows: Account Title Debit Credit Accounts payable 108,000 Accounts receivable 188,000 Accumulated depreciation - equipment 278,000 Common stock 508,000 Cash 44,000 Cost of goods sold 498,000 Depreciation expense 78,000 Equipment 736,000 Interest expense 8,000 Inventory 168,000 Note payable (due in six months) 78,000 Rent expense 48,000 Retained earnings 84,000 Salaries and wages payable 26,000 Sales revenue 824,000 Salaries expense 138,000 Totals 1,906,000 1,906,000 Required: Assuming no...

  • The December 31, 2021, adjusted trial balance for the Pink Petal Corporation is presented below. Account...

    The December 31, 2021, adjusted trial balance for the Pink Petal Corporation is presented below. Account Title Debits Credits Accounts payable 66,000 Accounts receivable 315,000 Accumulated depreciation 238,000 Advertising expense 4,400 Cash 36,100 Common stock 400,000 Cost of goods sold 432,000 Depreciation expense 57,000 Interest expense 3,400 Interest payable 1,700 Inventory 47,000 Notes payable (due in six months) 51,000 Office equipment 570,000 Prepaid rent 11,500 Rent expense 34,500 Retained earnings, January 1, 2021 135,000 Salaries expense 108,000 Salaries payable 7,200...

  • The following is a December 31, 2021, post-closing trial balance for Almway Corporation. Account Title Debits...

    The following is a December 31, 2021, post-closing trial balance for Almway Corporation. Account Title Debits Credits Cash $ 79,000 Investment in equity securities 144,000 Accounts receivable 77,000 Inventory 217,000 Prepaid insurance (for the next 9 months) 5,000 Land 124,000 Buildings 437,000 Accumulated depreciation-buildings $ 117,000 Equipment 127,000 Accumulated depreciation-equipment 77,000 Patent (net) 27,000 Accounts payable 109,000 Notes payable 181,000 Interest payable 37,000 Bonds Payable 257,000 Common stock 351,000 Retained earnings 108,000 Totals $1,237,000 $1,237,000 Additional Information: 1. The Investment...

  • The adjusted trial balance for Chiara Company as of December 31 follows. Cash $ 199,100 Accounts...

    The adjusted trial balance for Chiara Company as of December 31 follows. Cash $ 199,100 Accounts receivable 51,000 Interest receivable 19,000 Notes receivable (due in 90 days) 171,500 Office supplies 15,500 Automobiles 167,000 Accumulated depreciation—Automobiles $ 50,000 Equipment 142,000 Accumulated depreciation—Equipment 22,000 Land 78,000 Accounts payable 104,000 Interest payable 15,000 Salaries payable 19,000 Unearned fees 32,000 Long-term notes payable 146,000 R. Chiara, Capital 345,800 R. Chiara, Withdrawals 51,000 Fees earned 574,000 Interest earned 36,000 Depreciation expense—Automobiles 26,000 Depreciation expense—Equipment 19,000...

  • The adjusted trial balance for Chiara Company as of December 31 follows. Debit Credit Cash $...

    The adjusted trial balance for Chiara Company as of December 31 follows. Debit Credit Cash $ 204,700 Accounts receivable 52,000 Interest receivable 21,400 Notes receivable (due in 90 days) 171,000 Office supplies 17,000 Automobiles 167,000 Accumulated depreciation—Automobiles $ 85,000 Equipment 140,000 Accumulated depreciation—Equipment 18,000 Land 77,000 Accounts payable 106,000 Interest payable 25,000 Salaries payable 25,000 Unearned fees 34,000 Long-term notes payable 154,000 Common stock 30,580 Retained earnings 275,220 Dividends 52,000 Fees earned 554,000 Interest earned 34,000 Depreciation expense—Automobiles 24,500 Depreciation...

  • The following is a December 31, 2021, post-closing trial balance for the Jackson Corporation Account Title...

    The following is a December 31, 2021, post-closing trial balance for the Jackson Corporation Account Title Cash Accounts receivable Inventory Prepaid rent (for the next 8 months) Investment in equity securities (short term) Machinery Accumulated depreciation Patent (net) Accounts payable Salaries payable Income taxes payable Bonds payable (due in 10 years) Common stock Retained earnings Totals Debits Credits $ 49,000 43,000 84,000 25,000 19,000 190,000 $ 20,000 88,000 12,500 8,500 41,080 230,000 120,000 66,800 $498,000 $498,000 Required: Prepare a classified...

  • The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Account...

    The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Account Title Debits Credits Cash 57,300 Accounts receivable 280,000 Prepaid rent 8,000 Inventory 41,000 Office equipment 510,000 Accumulated depreciation 214,000 Accounts payable 52,000 Notes payable (due in six months) 33,000 Salaries payable 6,600 Interest payable 1,100 Common stock 400,000 Retained earnings 105,000 Sales revenue 660,000 Cost of goods sold 396,000 Salaries expense 99,000 Rent expense 24,000 Depreciation expense 51,000 Interest expense 2,200 Advertising expense 3,200...

  • The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Account...

    The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Account Title Debits Credits Cash 68,500 Accounts receivable 250,000 Prepaid rent 5,000 Inventory 35,000 Office equipment 450,000 Accumulated depreciation 190,000 Accounts payable 40,000 Notes payable (due in six months) 15,000 Salaries payable 6,000 Interest payable 500 Common stock 400,000 Retained earnings 70,000 Sales revenue 600,000 Cost of goods sold 360,000 Salaries expense 90,000 Rent expense 15,000 Depreciation expense 45,000 Interest expense 1,000 Advertising expense 2,000...

  • The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Account...

    The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Account Title Debits Credits Cash 14,600 Accounts receivable 345,000 Prepaid rent 14,500 Inventory 54,000 Office equipment 640,000 Accumulated depreciation 266,000 Accounts payable 78,000 Notes payable (due in six months) 72,000 Salaries payable 7,800 Interest payable 2,400 Common stock 400,000 Retained earnings 165,000 Sales revenue 780,000 Cost of goods sold 468,000 Salaries expense 117,000 Rent expense 43,500 Depreciation expense 64,000 Interest expense 4,800 Advertising expense 5,800...

  • The following is a December 31, 2021, post-closing trial balance for Culver City Lighting, Inc. Account...

    The following is a December 31, 2021, post-closing trial balance for Culver City Lighting, Inc. Account Title Debits Credits Cash $ 58,000 Accounts receivable 42,000 Inventory 48,000 Prepaid insurance 18,000 Equipment 130,000 Accumulated depreciation $ 37,000 Patent (net) 43,000 Accounts payable 13,500 Interest payable 3,500 Notes payable (due in 10 years) 130,000 Common stock 73,000 Retained earnings 82,000 Totals $ 339,000 $ 339,000 Prepare a classified balance sheet for Culver City Lighting, Inc. (Amounts to be deducted should be indicated...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT