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.

Understand the concepts of economies of scale, constant returns to scale, and diseconomies of scale.

Identify how changes in output affect long-run average total cost.

Calculate average fixed, variable, and total costs given specific data.

Analyze the effect of scale on production costs in both the short run and long run.

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Definitions:

Conditioned Stimulus

A previously neutral stimulus that, after becoming associated with the unconditioned stimulus, eventually comes to trigger a conditioned response.

Salivate

The secretion of saliva in the mouth, often in response to the sight, smell, or thought of food.

Dog Food Dish

A container used for serving food to dogs, often designed to accommodate their eating habits and physical needs.

Latent Learning

Learning that occurs without immediate reinforcement but can be demonstrated when motivation is provided.