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How much is the total assets, liabilities and shareholder' equity of Tom Corporation?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity

Section: Chapter Questions

Problem 16P: Ratios Analyses: McCormick Refer to the information for McCormick above. Additional information for...

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Question

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

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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