QUESTION 36 Tom Company which uses a perpetual inventory sys

QUESTION 36 Tom Company (which uses a perpetual inventory system) has the following account balances after adjusting entries at December 31, 2012: $227,000 100,000 120,000 105,000 350,000 880,000 67,000 120,000 27,000 10,000 47,000 85,000 Cash Merchandise Inventory (12/31/2012 Equipment Accounts Receivable Common Stock ($.50 par) Sales Rent Expense Bonds Payable (due 2040) Accounts Payable Dividends Treasury Stock, Common (19,000 shares) Preferred Stock 696 ($10 par) Land Paid-in Capital in Excess of Par Value, Preferred Cost of Goods Sold Interest Expense 260,000 8,000 720,000 20,000 Click Save and Submit to save and submit. Click Save All Answers to save all answers. esc 20 F2 ODD FA F5 2 4

Solution

Total Assets on the December 31, 2017 Balance Sheet would be $777,000

Assets

Amount ($)

Amount ($)

Land

260,000

Cash

227,000

Merchandise Inventory

100,000

Equipment

120,000

Less : Accumulated Depreciation - Equipment

(30,000)

90,000

Accounts Receivables

105,000

Less : Allowance for Doubtful Accounts

(5,000)

100,000

TOTAL ASSETS

777,000

Assets	Amount ($)	Amount ($)
Land		260,000
Cash		227,000
Merchandise Inventory		100,000
Equipment	120,000
Less : Accumulated Depreciation - Equipment	(30,000)	90,000
Accounts Receivables	105,000
Less : Allowance for Doubtful Accounts	(5,000)	100,000
TOTAL ASSETS		777,000