The Accountant for Scott Industries Prepared the Following List of Accounting

question 92

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 liabilities at the end of the current year for Scott Industries.

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Definitions:

Observer as Participant

An approach in qualitative research where the researcher both observes the study subjects and participates in the study setting while maintaining a professional distance.

Complete Observer

A research role where the investigator observes subjects without interacting with them, remaining completely detached to avoid influencing their behavior.

Ethical Absolutist

Someone who believes in absolute principles of right and wrong, regardless of the context or situation.