Question

The Tom Smith Corporation has the following items: Cash, $5,000; Machinery, $50,000; Building, $150,000; Note payable bank, $10,000; Savings, $10,000; Long term debt, $50,000; Accounts payable, $30,000; Taxes payable, $5,000; Accounts receivable, $30,000; Inventory, $10,000; Depreciation Building, $35,000; Depreciation Machinery, $25,000; Land $50,000. Total assets for this Corporation are ?

Answer 1

Answer:

$245,000

Explanation:

Total assets for Tom Smith Corporation can be calculated as follows:

Cash                                                                    $5,000

Machinery,                                                          $50,000

Depreciation Machinery                                    ($25,000)

Building                                                               $150,000

Depreciation Building,                                       ($35,000)

Savings                                                                $10,000

Accounts receivable,                                          $30,000

Inventory                                                             $10,000

Land                                                                     $50,000

Total Assets                                                         $245,000