Calculate the balance in the common stock account

Assignment Help Financial Accounting

Reference no: EM13866632

The following information was taken from the accounting records of XYZ Company for the year ended

December 31, 2008:

Cost of Goods Sold $50,000

Salaries Payable $26,000

Inventory ?

Cash $18,000

Accounts Payable $65,000

Common stock ?

Accounts Receivable $37,000

Retained Earnings $40,000 (at January 1, 2008)

Salaries Expense $31,000

Land ?

Interest Revenue $11,000

Supplies $10,000

Notes Payable $94,000

Patent $15,000

Sales Revenue $97,000

Equipment $85,000

Income Tax Expense $10,000

Additional information

1. Total equity at December 31, 2008 is equal to 80% of total liabilities at December 31, 2008.

Calculate the balance in the common stock account at December 31, 2008.

Reference no: EM13866632

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