The Accountant for Franklin Company Prepared the Following List of Account

question 87

Essay

The accountant for Franklin Company prepared the following list of account balances from the company's records for the year ended December 31, 2011:
$\begin{array}{llll}\text { Fees Earned } & \$ 165,000 & \text { Cash } & \$ 30,000 \\\text { Accounts Receivable } & 14,000 & \text { Selling Expenses } & 44,000 \\\text { Equipment } & 64,000 & \text { Franklin, Capital } & 27,000 \\\text { Accounts Payable } & 12,000 & \text { Interest Income } & 3,000 \\\text { Salaries \& Wages Expense } & 40,000 & \text { PrepaidRent } & 2,000 \\\text { Income Taxes Payable } & 5,000 & \text { Income Taxes Expense } & 18,000 \\\text { Notes Payable } & 20,000 & \text { Rent Expense }&20,000\end{array}$ Determine the total liabilities at the end of 2011 for Franklin Company.

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Definitions:

Excessive Amount

An amount that is much more than what is reasonable or necessary.

Cognitive Processes

Mental actions or operations that support learning, reasoning, memory, and problem-solving.

Puff of Air

A brief blast or gust of air, often used in experimental contexts to test sensory sensitivity or as a form of stimulus.

Blinking

The rapid closing and opening of the eyelid, a reflex action to protect the eye from irritants and help spread tears over the surface.