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.