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Determine the total assets at the end of the current year

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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.

Reference no: EM131861753

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