The December 31, 2021 (pre-closing) adjusted trial balance for Kline Enterprises was as follows: Account Title Accounts payable Accounts receivable Accumulated depreciation-equipment Common stock Cash Cost of goods sold Depreciation expense Equipment Interest expense Inventory Note payable (due in six months) Rent expense Retained earnings Salaries payable Sales revenue Salaries expense Debit Credit 92,000 172,000 262,000 492,000 28,000 482, 000 62,000 704, 000 6,000 152,000 62,000 32,000 66,000 10,000 776,000 122,000 Totals 1,760,000 1, 760, 000 Required: Compute Kline's 12/31/2021 total shareholders equity: Shareholders' equity

Century 21 Accounting General Journal
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ISBN:9781337680059
Author:Gilbertson
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Chapter22: End-of-fiscal-period Work For A Corporation
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The December 31, 2021 (pre-closing) adjusted trial balance for Kline Enterprises was as follows:
Account Title
Accounts payable
Accounts receivable
Accumulated depreciation-equipment
Common stock
Cash
Cost of goods sold
Depreciation expense
Equipment
Interest expense
Inventory
Note payable (due in six months)
Rent expense
Retained earnings
Salaries payable
Sales reenue
Salaries expense
Credit
92,000
Debit
172, 000
262,000
492,000
28,000
482,000
62,000
704,000
6,000
152,000
62,000
32,000
66,000
10,000
776,000
122, 000
Totals
1,760, 000
1,760, 000
Required.
Compute Kline's 12/31/2021 total shareholders equity:
Shareholders equity
Transcribed Image Text:The December 31, 2021 (pre-closing) adjusted trial balance for Kline Enterprises was as follows: Account Title Accounts payable Accounts receivable Accumulated depreciation-equipment Common stock Cash Cost of goods sold Depreciation expense Equipment Interest expense Inventory Note payable (due in six months) Rent expense Retained earnings Salaries payable Sales reenue Salaries expense Credit 92,000 Debit 172, 000 262,000 492,000 28,000 482,000 62,000 704,000 6,000 152,000 62,000 32,000 66,000 10,000 776,000 122, 000 Totals 1,760, 000 1,760, 000 Required. Compute Kline's 12/31/2021 total shareholders equity: Shareholders equity
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