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Construct a Balance Sheet from the following information. The Tom Smith Corporation has the following items: Cash, $5,000; Machinery, $55, 300; Building, $162, 800; Note payable bank, $11, 500; Savings, S 10,300; Long-term debt, $50,000; Accounts payable, $31, 400; Taxes payable, $5,300; Accounts receivable, $39,300; Land $66, 000; Inventory, $10,000; Accumulated Depreciation Building, $35, 200; Accumulated Depreciation Machinery, $25,000. What is the amount of net fixed assets for this corporation?

Construct a Balance Sheet from the following information. The Tom Smith Corporation has the following items: Cash, $5,000; Machinery, $55, 300; Building, $162, 800; Note payable bank, $11, 500; Savings, S 10,300; Long-term debt, $50,000; Accounts payable, $31, 400; Taxes payable, $5,300; Accounts receivable, $39,300; Land $66, 000; Inventory, $10,000; Accumulated Depreciation Building, $35, 200; Accumulated Depreciation Machinery, $25,000. What is the amount of net fixed assets for this corporation?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Construct a Balance Sheet from the following information. The Tom Smith Corporation has the following items: Cash, $5,000; Machinery, $55, 300; Building, $162, 800; Note payable bank, $11, 500; Savings, $ 10,300; Long-term debt, $50,000; Accounts payable, $31, 400; Taxes payable, $5,300; Accounts receivable, $39, 300; Land $66, 000; Inventory, $10,000; Accumulated Depreciation Building, $35, 200; Accumulated Depreciation Machinery, $25,000. What is the amount of net fixed assets for this corporation?
Transcribed Image Text:Construct a Balance Sheet from the following information. The Tom Smith Corporation has the following items: Cash, $5,000; Machinery, $55, 300; Building, $162, 800; Note payable bank, $11, 500; Savings, $ 10,300; Long-term debt, $50,000; Accounts payable, $31, 400; Taxes payable, $5,300; Accounts receivable, $39, 300; Land $66, 000; Inventory, $10,000; Accumulated Depreciation Building, $35, 200; Accumulated Depreciation Machinery, $25,000. What is the amount of net fixed assets for this corporation?
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