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.