The accountant for Scott Industries prepared the following list of account balances from the company's records for the year ended December 31.Fees EarnedAccounts ReceivableEquipmentAccounts PayableSalaries & Wages ExpenseIncome Taxes PayableCashSelling ExpensesCommon stockInterest RevenueIncome Taxes ExpenseRent Expense$165,00016,00064,00012,00040,0005,00030,00044,00047,0003,00018,00020,000Determine the total assets at the end of the current year for Scott Industries.S

INTRODUCTION: Total assets are all of a person's or organization's assets combined. Assets are things with economic value that are used over time to produce benefits for their owner. These assets are typically listed in the owner's accounting records if they are a business, and they can be seen on the company's balance sheet.Solution : Computation of Total Assets: Account Receivable = $16,000 Equipment = $64,000 Cash = $30,000 Total assets = $16000 + $64000 + $30,000 = $110,000 Answer = $110, 000

Business

Accounting

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 Accounts Receivable Equipment Accounts Payable Salaries & Wages Expense Income Taxes Payable Cash $165,000 16,000 64,000 12,000 40,000 5,000 30,000 44,000 47,000 3,000 18,000 20,000 Selling Expenses Common stock Interest Revenue Income Taxes Expense Rent Expense Determine the total assets at the end of the current year for Scott Industries.

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 Accounts Receivable Equipment Accounts Payable Salaries & Wages Expense Income Taxes Payable Cash $165,000 16,000 64,000 12,000 40,000 5,000 30,000 44,000 47,000 3,000 18,000 20,000 Selling Expenses Common stock Interest Revenue Income Taxes Expense Rent Expense Determine the total assets at the end of the current year for Scott Industries.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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