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.

---

Definitions:

Interpreter

For a programming language, translates the source code into an intermediate form, line by line; each line is then executed as it’s translated.

Visual Diagram

A graphical representation of systems, processes, or data structures designed to communicate complex information clearly and efficiently.

Decisions

The process of making choices or coming to conclusions after considering relevant data, criteria, and alternatives.