The Accountant for Scott Industries Prepared the Following List of Account

question 82

Essay

The accountant for Scott Industries prepared the following list of account balances from the company's records for the year ended December 31. Use this information to answer the question that follows.
$\begin{array}{lrlr}\text { Fees earned } & \$ 165,000 & \text { Cash } & \$ 30,000 \\\text { Accounts receivable } & 16,000 & \text { Selling expenses } & 44,000 \\\text { Equipment } & 64,000 & \text { Common stock } & 47,000 \\\text { Accounts payable } & 12,000 & \text { Interest revenue } & 3,000 \\\text { Salaries \& wages expense } & 40,000 & \text { Income taxes expense } & 18,000 \\\text { Income taxes payable } & 5,000 & \text { Rent expense } & 20,000\end{array}$ ​
-Based on this information, is Scott Industries profitable? Explain your answer.

---

Definitions:

Terrestrial Vertebrate

An animal with a backbone that lives on land as opposed to living in water or air.

Essential Attributes

Fundamental qualities or features that are intrinsic and defining for a particular object or entity.

Negative Terms

Negative terms in logic and mathematics are terms that express negation, opposition, or absence, often indicated by prefixes like non-, un-, or in-.

Logical Definitions

Explanations of concepts or terms using logical reasoning, which aim to be precise and unambiguous.