The Balances for the Accounts of Lance's Consulting Firm,Inc Calculate Total Assets

question 194

Short Answer

The balances for the accounts of Lance's Consulting Firm,Inc.for the year ended December 31 are shown below.Each account shown had a normal balance.
$$\begin{array} { l r l r } \text { Accounts payable } & \$ 6,400 & \text { Wages expense } & \$ 35,000 \\\text { Accounts receivable } & 7,000 & \text { Rent expense } & 5,000 \\\text { Cash } & 10,000 & \text { Retained earnings } & 68,700 \\\text { Office supplies } & 1,000 & \text { Land } & 53,000 \\\text { Building } & 99,000 & \text { Unearned revenue } & 7,000 \\\text { Supplies expense } & 15,000 & \text { Dividends } & 20,000 \\\text { Consulting revenue } & 150,000 & \text { Common stock } & 12,900\end{array}$$
Calculate total assets.

Understand the concept and components of manufacturing overhead.

Calculate conversion costs and understand their components.

Grasp the flow of manufacturing costs in the accounting system.

Identify and classify different types of inventories in manufacturing firms.

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Definitions:

Forgetful

Characterized by a loss of memory or the inability to remember things; often temporary or situational.

Neuromuscular System

The combined system of nerves and muscles in the body, responsible for movement and coordination.

Reflex Responses

Automatic reactions to stimuli that do not require conscious thought, integral to the nervous system's function.

Assessment

The systematic process of evaluating the various aspects of a project, service, or facility to determine their significance, value, or condition at a given point in time.