The Accountant for Scott Industries Prepared the Following List of Accounting

question 82

Essay

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:
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$$\begin{array} { l r l r } \text { Fees earned } & \$ 165,000 & \text { Cash } & \$ 30,000 \\\text { Accounts receivable } & 14,000 & \text { Selling expenses } & 44,000 \\\text { Equipment } & 64,000 & \text { Scott, capital } & 27,000 \\\text { Accounts payable } & 12,000 & \text { Interest income } & 3,000 \\\text { Salaries and wages expense } & 40,000 & \text { Prepaid rent } & 2,000 \\\text { Income taxes payable } & 5,000 & \text { Income taxes expense } & 18,000 \\\text { Notes payable } & 20,000 & \text { Rent expense } & 20,000\end{array}$$
-Determine the total assets at the end of the current year for Scott Industries.

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Definitions:

Andrew Jackson

The seventh President of the United States (1829–1837), known for his populist approach and policies, including the Indian Removal Act.

Dred Scott Decision

The Dred Scott Decision was a controversial 1857 U.S. Supreme Court ruling that declared African Americans, whether enslaved or free, could not be American citizens and had no standing to sue in federal court.

Slave Power

A term used to describe the perceived political power held by slave owners in the United States prior to the Civil War, influencing legislation and policy to protect and expand slavery.

Chief Justice Roger Taney

The fifth Chief Justice of the United States, known for his controversial decision in the Dred Scott v. Sandford case, which stated that African Americans could not be American citizens.