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:

Breathing Air

The act of inhaling and exhaling atmospheric air, essential for respiration in humans and many other organisms.

Megacities

Urban areas that exceed populations of ten million people, often facing unique challenges related to infrastructure, population density, and environmental impact.

Urban Populations

The segment of a population residing in cities and towns, as opposed to rural areas.

Resources Consumption

The act of using natural resources to satisfy human needs and wants, often resulting in depletion of those resources.