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$30,000$165,000CashAccounts Receivable14,000Selling Expenses44,00064,000EquipmentScott, capital27,0003,000Accounts Payable12,000Interest IncomeSalaries and wages expensePrepaid Rent40,0002,000Income Taxes PayableIncome Taxes Expense5,00018,000Notes Payable20,000Rent Expense20,000Based on the information for Scott Industries, is it profitable? Shiny Kar Company had the following transactions. For each transaction, show the effect on the accounting equation by putting the amount and direction ("+" for an increase,"-" for a decrease, or "NC" for no change) in each box of the table below. If the effect is no change, then enter a "0" in amount box. Enter all dollar amounts as positivenumbersAssetsLiabilitiesOwner's EquityTransactiona. Shiny Kar withdrew $500 cash for food.Shiny Kar Company sold 2 cars for a total ofb.$55,000 on accountShiny Kar received a $35,000 payment for a carС.previously sold on accountd. Shiny Kar paid $450 for advertising.Shiny Kar purchased $150 of cleaning supplies one.account

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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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