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 what?A. $55,000B. $95,000C. $155,000D. $190,000E. $245,000
Cash, $5,000 Machinery, $50,000 Building, $150,000 Savings, $10,000 Accounts receivable, $30,000 Inventory, $10,000 Land $50,000 - Depreciation Building, $35,000; - Depreciation Machinery, $25,000; = (E) $245,000
