The Balances for the Accounts of Lance's Consulting Firm,Inc Calculate Total Assets

question 107

Essay

The balances for the accounts of Lance's Consulting Firm,Inc.for the year ended December 31 are shown below.Each account shown had a normal balance.
$$\begin{array} { l r l r } \text { Accounts payable } & \$ 6,400 & \text { Wages expense } & \$ 35,000 \\\text { Accounts receivable } & 7,000 & \text { Rent expense } & 5,000 \\\text { Cash } & 10,000 & \text { Retained Earnings } & 68,700 \\\text { Office Supplies } & 1,000 & \text { Land } & 53,000 \\\text { Building } & 99,000 & \text { Unearned Revenue } & 7,000 \\\text { Supplies expense } & 15,000 & \text { Dividends } & 20,000 \\\text { Consulting Revenue } & 150,000 & \text { Common Stock } & 12,900\end{array}$$
Calculate Total Assets.

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Definitions:

Cohorts Inequality

Refers to the disparities that exist between different groups of people, often of the same generation, that can result from socio-economic, educational, or environmental differences.

Age Stratification

The hierarchical ranking and categorization of people within a society based on their ages, often influencing their social status and access to resources.

Social Inequality

The unequal distribution of resources, opportunities, rights, and privileges within a society, often based on factors like class, race, gender, or age.

Age Role

Expected behaviors and responsibilities associated with specific ages in society, reflecting cultural norms and values.