The December 31, 2021 (pre-closing) adjusted trial balance for Kline Enterprises was as follows: Debit Credit 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 108,000 188,000 278,000 508,000 44,000 498,000 78,000 736, 000 8,000 168,000 78,000 48,000 84,000 26,000 824,000 Salaries expense 138,000 Totals 1,906, 000 1,906, 000 Required: Compute Kline's 12/31/2021 total current liabilities: Current liabilities

The December 31, 2021 (pre-closing) adjusted trial balance for Kline Enterprises was as follows: Debit Credit 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 108,000 188,000 278,000 508,000 44,000 498,000 78,000 736, 000 8,000 168,000 78,000 48,000 84,000 26,000 824,000 Salaries expense 138,000 Totals 1,906, 000 1,906, 000 Required: Compute Kline's 12/31/2021 total current liabilities: Current liabilities

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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