Determine the total liabilities at the end of the current year for Scott Industries.

Total Liabilities

The sum of all financial obligations a company has to external parties, including both short-term and long-term debts.

Accounting Equation

The fundamental formula in accounting that states assets equal liabilities plus equity (Assets = Liabilities + Equity).

Gain insights into how a company's assets and owner's equity are associated with liabilities.

Verified Answer

Final Answer :

$37,000
($12,000 Accounts Payable + $5,000 Income Taxes Payable + $20,000 Notes Payable = $37,000)

Learning Objectives

Gain insights into how a company's assets and owner's equity are associated with liabilities.