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:

Daily Tasks

Routine activities that are performed on a regular basis as part of the operation of an organization or the functions of a job.

Temporary Teams

Groups formed for a limited period of time to achieve a specific goal, after which the team disbands.

Network Structure

is an organizational model characterized by less hierarchical and more flexibly interconnected groups or division.

Information Technology

The use of computers, networks, and other physical devices to store, process, and exchange data.