How much is the total assets, liabilities and shareholder' equity of Tom Corporation?
How much is the total assets, liabilities and shareholder' equity of Tom Corporation?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Choose the letter of the correct answer.
How much is the total assets, liabilities and shareholder' equity of Tom Corporation? (check the picture attached)
a. Asset = P 326,000; Liabilities = P 130,000; Shareholder's equity = P 196,000
b. Asset = P 320,000; Liabilities = P 136,000; Shareholder's equity = P 184,000
c. Asset = P 200,000; Liabilities = P 70,000; Shareholder's equity = P 130,000
d. Asset = P 326,000; Liabilities = P 180,000; Shareholder's equity = P 146,000
Transcribed Image Text:Tom Corporation has the following information
Accounts payable
Accounts receivable
P
30,000
30,000
Cash
10,000
Inventory
80,000
Long term assets
200,000
Long-term liabilites
70,000
Notes payable 60 day loan
25,000
Prepaid insurance
Retained earnings
6,000
66,000
Salaries payable
Share capital
Share premium
5,000
80,000
50,000
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