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

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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				96,000
Accounts receivable		176,000
Accumulated depreciation—equipment				266,000
Common stock				496,000
Cash		32,000
Cost of goods sold		486,000
Depreciation expense		66,000
Equipment		712,000
Interest expense		3,000
Inventory		156,000
Note payable (due in six months)				66,000
Rent expense		36,000
Retained earnings				67,000
Salaries payable				14,000
Sales revenue				788,000
Salaries expense		126,000
Totals		1,793,000		1,793,000

Required:
Compute Kline's 12/31/2021 total current assets:

business accounting

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Answer 1

Answer #1

Total current assets = Accounts Receivable + Cash + Inventory

= $176,000 + $32,000 + $156,000

= $364,000

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Answer 2

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