Question: The accountant for Scott Industries prepared the following list of account balances from the company's records for the year ended December 31:
|
Fees Earned
|
$165,000
|
Cash
|
|
Accounts Receivable
|
14,000
|
Selling Expenses
|
|
Equipment
|
64,000
|
Common Stock
|
|
Accounts Payable
|
12,000
|
Interest Income
|
|
Salaries & Wages Expense
|
40,000
|
Prepaid Rent
|
|
Income Taxes Payable
|
5,000
|
Income Taxes Expense
|
|
Notes Payable
|
20,000
|
Rent Expense
|
1. Determine the total liabilities at the end of the current year for Scott Industries.
2. Determine the total assets at the end of the current year for Scott Industries.