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Svetlanka [38]
3 years ago
5

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 ?
Business
1 answer:
olga_2 [115]3 years ago
3 0

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

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Answer:

1.Dr Work in progress inventory75,000

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Explanation:

Preparation to record Journal entry

1. Since the amount of $75,000 was been Incurred of the direct labour production this means we have to record the transaction as :

Dr Work in progress inventory75,000

Dr Payable Factory payroll 75,000

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