Hancock Company reported the following account balances at December 31, 2027: Sales revenue ............... $97,000 Dividends ................... $11,000 Supplies .................... $13,000 Accounts payable ............ $59,000 Building .................... ? Copyright ................... $27,000 Insurance expense ........... $42,000 Cash ........................ $31,000 Notes payable ............... $20,000 Equipment ................... $39,000 Income tax expense .......... $14,000 Utilities payable ........... $41,000 Patent ...................... $19,000 Repair expense .............. $22,000 Inventory ................... $64,000 Retained earnings ........... $87,000 (at Jan. 1, 2027) Interest revenue ............ $55,000 Cost of goods sold .......... $37,000 Accumulated depreciation .... $23,000 Common stock ................ ? Trademark ................... $34,000 Accounts receivable ......... $51,000 The following additional information is available: 1) The note payable listed above was a 4-year bank loan taken out on September 1, 2024. 2) The total P-P-E at Dec. 31, 2027 was equal to 75% of the total current liabilities at Dec. 31, 2027. Calculate the balance in the common stock account at December 31, 2027

Answer rating: 100% (QA)

To calculate the balance in the common stock account at December312027 we need to first determine th... View the full answer