Determine the total assets at the end of the current year for Scott Industries.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The accountant for Scott Industries prepared the following list of account balances from the company's records for the year ended December 31.
Fees earned
$165,000
Cash
$30,000
Accounts receivable
16,000
Selling expenses
44,000
Equipment
64,000
Common stock
47,000
Accounts payable
12,000
Interest revenue
3,000
Salaries & wages expense
40,000
Income taxes expense
18,000
Income taxes payable
5,000
Rent expense
20,000
Determine the total assets at the end of the current year for Scott Industries.
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