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

question 119

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:

Economic Forces

Factors that influence the direction and dynamics of an economy, such as supply and demand, inflation, and government policy.

Media Production

The process of creating media content, from ideation through to the final output, including films, television programs, and digital content.

Media Outlets

Entities or platforms such as newspapers, television stations, radio stations, and websites that disseminate news and information to the public.

Consolidating Companies

Firms that are involved in mergers and acquisitions to strengthen their market positions, reduce competition, and achieve economies of scale.