Question - The following account balances were taken from ABC Company's unadjusted trial balance at December 31, 2019:
Accounts Payable ............ $58,000
Accounts Receivable ......... $64,000
Advertising Expense ......... $14,000
Building .................... $63,000
Cash ........................ $30,000
Common Stock ................ $94,000
Cost of Goods Sold .......... $45,000
Dividends ................... $12,000
Equipment ................... $68,000
Income Tax Expense .......... $17,000
Interest Revenue ............ $36,000
Inventory ................... $62,000
Notes Payable ............... $81,000
Rent Expense ................ $10,000
Retained Earnings ........... $40,000 (at January 1, 2019)
Sales Revenue ............... $99,000
Trademark ................... $50,000
Unearned Revenue ............ $27,000
ABC Company has not yet recorded adjusting entries related to the following two items:
(1) The note payable in the unadjusted trial balance was a 14%, 10-month bank loan taken out on June 1, 2019.
(2) The unearned revenue relates to a $27,000 payment from a customer received on May 1, 2019 for work to be performed each month for the next 18 months.
Calculate the total liabilities reported in ABC Company's December 31, 2019 balance sheet after the appropriate adjusting entries have been recorded and posted.