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$165,000Cash$30,000Accounts ReceivableSelling Expenses14,00044,000Scott, capital27,000Equipment64,00012,000Interest Income3,000Accounts PayableSalaries and wages expense2,00040,000Prepaid RentIncome Taxes PayableIncome Taxes Expense5,00018,000Rent ExpenseNotes Payable20,00020,000Determine 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:$30,000Fees Earned$165,000Cash14,000Selling ExpensesAccounts Receivable44,000Scott, capitalEquipment64,00027,000Accounts Payable12,000Interest Income3,000Salaries and wages expense2,00040,000Prepaid RentIncome Taxes Payable5,000Income Taxes Expense18,000Notes PayableRent Expense20,00020,000Determine the total liabilities at the end of the current year for Scott Industries.

Answered: The accountant 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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