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How do you total the liability?
The accountant for Franklin Company prepared the following list of account balances from the company's records for the year ended December 31, 2011:
Fees Earned $165,000 Cash $30,000 Accounts Receivable 14,000 Selling Expenses 44,000 Equipment 64,000 Capital Stock 7,000 Accounts Payable 22,000 Retained Earnings 23,000 Salaries & Wages Expense 40,000 Prepaid Rent 2,000 Dividends 5,000 Income Taxes Expense 13,000 Salaries & Wages Payable 15,000 Rent Expense 20,000 Determine the total liabilities at the end of 2011 for Franklin Company. |
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