Business
Business, 12.03.2020 20:00, danielburke24

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

Account Title Debits Credits
Accounts payable 90,000
Accounts receivable 170,000
Accumulated depreciation – equipment 260,000
Common stock 490,000
Cash 26,000
Cost of goods sold 480,000
Depreciation expense 60,000
Equipment 700,000
Interest expense 4,000
Inventory 150,000
Note payable (due in six months) 60,000
Rent expense 30,000
Retained earnings 62,000
Salaries payable 8,000
Sales revenue 770,000
Salaries expense 120,000

Assuming no income taxes, compute the Kline's 12/31/16 total current assets:

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Answers: 1

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

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