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 ?

$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

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