The Accountant for Scott Industries Prepared the Following List of Accounting

question 92

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 liabilities at the end of the current year for Scott Industries.

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Definitions:

White Southerner

A term referring to individuals of European descent living in the southern United States, especially noted in historical contexts involving social and racial dynamics.

Reconstruction Act

Legislation passed in 1867 that laid out the process for readmitting Southern states into the Union following the Civil War, including requirements for suffrage and civil rights.

Stanton

Elizabeth Cady Stanton was a leading figure of the early women's rights movement in the United States, best known for her role in organizing the 1848 Seneca Falls Convention.

Andrew Johnson

Andrew Johnson was the 17th President of the United States, serving from 1865 to 1869; he assumed presidency after the assassination of Abraham Lincoln and was the first president to be impeached.