Reference no: EM132047357

Problem - The following accounts were taken from XYZ Company's unadjusted trial balance at December 31, 2016:

Accounts Payable ............ $56,000

Accounts Receivable ......... $69,000

Accumulated Depreciation .... $27,000

Building .................... $79,000

Cash ........................ $23,000

Contributed Capital ......... $80,000

Cost of Goods Sold .......... $74,000

Dividends ................... $10,000

Equipment ................... $76,000

Income Tax Expense .......... $16,000

Interest Revenue ............ $59,000

Inventory ................... $61,000

Notes Payable ............... $90,000

Patent ...................... $17,000

Rent Expense ................ $15,000

Retained Earnings ........... $40,000 (at January 1, 2016)

Sales Revenue ............... $95,000

Supplies .................... $29,000

Unearned Revenue ............ $36,000

Utilities Expense ........... $14,000

ABC Company has not yet recorded adjusting entries related to the following four items:

(1) A physical count revealed that supplies costing $12,000 were still on hand as of December 31, 2016.

(2) The note payable was a bank loan taken out on June 1, 2016. It is a 9-month, 14% loan.

(3) The unearned revenue in the unadjusted trial balance relates to a $36,000 payment from a customer received on March 31, 2016 for work to be performed each month for the next two years.

(4) Depreciation expense of $6,000 has not yet been recorded.

Calculate the total equity reported in XYZ Company's balance sheet at December 31, 2016 after the appropriate adjusting entries have been recorded and posted.