The accountant for Scott Industries prepared the following list of accounting equation element balances from the company's records for the year ended December 31: Fees Earned $165,000 Cash $30,000 Accounts Receivable Selling Expenses 14,000 44,000 Scott, capital 27,000 Equipment 64,000 12,000 Interest Income 3,000 Accounts Payable Salaries and wages expense 2,000 40,000 Prepaid Rent Income Taxes Payable Income Taxes Expense 5,000 18,000 Rent Expense Notes Payable 20,000 20,000 Determine the total assets at the end of the current year for Scott Industries. The accountant for Scott Industries prepared the following list of accounting equation element balances from the company's records for the year ended December 31: $30,000 Fees Earned $165,000 Cash 14,000 Selling Expenses Accounts Receivable 44,000 Scott, capital Equipment 64,000 27,000 Accounts Payable 12,000 Interest Income 3,000 Salaries and wages expense 2,000 40,000 Prepaid Rent Income Taxes Payable 5,000 Income Taxes Expense 18,000 Notes Payable Rent Expense 20,000 20,000 Determine the total liabilities at the end of the current year for Scott Industries.
The accountant for Scott Industries prepared the following list of accounting equation element balances from the company's records for the year ended December 31: Fees Earned $165,000 Cash $30,000 Accounts Receivable Selling Expenses 14,000 44,000 Scott, capital 27,000 Equipment 64,000 12,000 Interest Income 3,000 Accounts Payable Salaries and wages expense 2,000 40,000 Prepaid Rent Income Taxes Payable Income Taxes Expense 5,000 18,000 Rent Expense Notes Payable 20,000 20,000 Determine the total assets at the end of the current year for Scott Industries. The accountant for Scott Industries prepared the following list of accounting equation element balances from the company's records for the year ended December 31: $30,000 Fees Earned $165,000 Cash 14,000 Selling Expenses Accounts Receivable 44,000 Scott, capital Equipment 64,000 27,000 Accounts Payable 12,000 Interest Income 3,000 Salaries and wages expense 2,000 40,000 Prepaid Rent Income Taxes Payable 5,000 Income Taxes Expense 18,000 Notes Payable Rent Expense 20,000 20,000 Determine the total liabilities at the end of the current year for Scott Industries.
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter16: Financial Statement Analysis
Section: Chapter Questions
Problem 9BE
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