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On December 31, 2019, Krug Company prepared adjusting entries that included the following items: Depreciation expense: $31,000. Sales revenue not collected in cash: $29,000. Expenses incurred but not paid: $12,000. Prepaid Insurance used up: $9,000; the insurance was initially recorded as prepaid. Rent revenue earned: $7,000; the rent was initially prepaid by the tenant and credited to unearned rent revenue. If Krug Company reported total liabilities of $110,000 prior to adjusting entries, how much are Krug's total liabilities after the adjusting entries?"

On December 31, 2019, Krug Company prepared adjusting entries that included the following items: Depreciation expense: $31,000. Sales revenue not collected in cash: $29,000. Expenses incurred but not paid: $12,000. Prepaid Insurance used up: $9,000; the insurance was initially recorded as prepaid. Rent revenue earned: $7,000; the rent was initially prepaid by the tenant and credited to unearned rent revenue. If Krug Company reported total liabilities of $110,000 prior to adjusting entries, how much are Krug's total liabilities after the adjusting entries?"

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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"On December 31, 2019, Krug Company prepared adjusting entries that included the following items: Depreciation expense: $31,000. Sales revenue not collected in cash: $29,000. Expenses incurred but not paid: $12,000. Prepaid Insurance used up: $9,000; the insurance was initially recorded as prepaid. Rent revenue earned: $7,000; the rent was initially prepaid by the tenant and credited to unearned rent revenue. If Krug Company reported total liabilities of $110,000 prior to adjusting entries, how much are Krug's total liabilities after the adjusting entries?"

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