Tom's total assets are $150,000 and his total liabilities are $155,000. He is currently: Insolvent with...

Question

Question

Toms total assets are $150,000 and his total liabilities are $155,000. He is currently: Insolvent with a net worth of -$5,00

business accounting

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

Net worth = Total assets-Total liabilities = 150000-155000 = -5000

So If net worth is negative Then organization would be insolvent

So answer is a) Insolvent with a net worth of -$5000

Add a comment

Answer 2

Similar Homework Help Questions

Tom's total assets are valued at $187,964 and total debt is $83,427. What is his total...

Tom's total assets are valued at $187,964 and total debt is $83,427. What is his total debt ratio, rounded to 2 decimal places? Some numbers that Jean gathered to begin building her financial plan are as follows: Annual Expenses Current Assets Total Assets Current Liabilities $31,194 $6,342 $208,116 $1,325 $19,447 Fixed Expenses Net Income After Deductions $574 Calculate her current ratio to two decimal places. Which of the following is a current asset? Monthly credit card bill. 1-year GIC 3-year...
i) He owes $80,000 for his house which he believes is worth $150,000 ii) His car...

i) He owes $80,000 for his house which he believes is worth $150,000 ii) His car is worth $20,000 against which there there is $2,000 on the remaining bank loan. iii) his stock protfolio has risen to $50,000 iv) he has a $10,000 bank balance in his bank account which is earning him 1.2% annual interest rate v) and the value of this belonging is $45,000. he has just received his monthly paycheck for $6,000 and he is trying to...
i) He owes $80,000 for his house which he believes is worth $150,000 ii) His car...

i) He owes $80,000 for his house which he believes is worth $150,000 ii) His car is worth $20,000 against which there there is $2,000 on the remaining bank loan. iii) his stock protfolio has risen to $50,000 iv) he has a $10,000 bank balance in his bank account which is earning him 1.2% annual interest rate v) and the value of this belonging is $45,000. he has just received his monthly paycheck for $6,000 and he is trying to...

Which of the following situations describes a person who could be insolvent? Multiple Choice O Assets...

Which of the following situations describes a person who could be insolvent? Multiple Choice O Assets $56,800; annual expenses $62,500 Ο Ο Assets S78,800; net worth $24,500 Ο O Liabilities $45,800; net worth $8,500 Ο Assets $40,800; liabilities $47,500 Ο Annual cash inflows $45,800; liabilities $52,500
Richard Cook purchased a company with assets of $500,000 and liabilities of $400,000. He paid $150,000...

Richard Cook purchased a company with assets of $500,000 and liabilities of $400,000. He paid $150,000 for the company. The journal entry (entries) to record the purchase include a: Select one: a. Debit to total assets of $450,000 and a debit to goodwill of $50,000. b. Debit to total assets of $500,000 and a credit to goodwill of $50,000. c. Debit to goodwill of $50,000 and a credit to cash of $40,000. d. Debit to total assets of $500,000 and...
Based on the following data, compute the total assets, total liabilities, and net worth. Balance Sheet...

Based on the following data, compute the total assets, total liabilities, and net worth. Balance Sheet Liquid assets Investment assets Current liabilities $ 4,670 26,910 2,670 Household assets Long-term liabilities $ 93, 780 76,230 Balance Sheet Total assets Total liabilities Net worth

A company has assets of $150,000. The liabilities of the company total $45,000. What amount is...

A company has assets of $150,000. The liabilities of the company total $45,000. What amount is the owner's equity?
Richard Cook purchased a company with assets of $500,000 and liabilities of $400,000. He paid $150,000...

Richard Cook purchased a company with assets of $500,000 and liabilities of $400,000. He paid $150,000 for the company. The amount of goodwill to be recorded is: Select one: a. $50,000 b. $500,000 c. $100,000 d. $350,000
Homework 1 Saved 33 Based on the following data, compute the total assets, total liabilities, and...

Homework 1 Saved 33 Based on the following data, compute the total assets, total liabilities, and net worth. 10 points Balance Sheet Liquid assets Investment assets Current liabilities $ 5,010 Household anseta 15,100 Long-term liabilities 2,710 $ 99,500 79,400 eBook Hint Balance Sheet Total assets Total liabilities Net worth Print References

Based on the following data, compute the total assets, total liabilities, and net worth. Balance Sheet...

Based on the following data, compute the total assets, total liabilities, and net worth. Balance Sheet Liquid assets $ 4,800 Household assets $ 96,500 Investment assets 17,300 Long-term liabilities 85,400 Current liabilities 2,730

Tom's total assets are $150,000 and his total liabilities are $155,000. He is currently: Insolvent with...

Homework Answers

Add Answer to:
Tom's total assets are $150,000 and his total liabilities are $155,000. He is currently: Insolvent with...

Post as a guest

Earn Coins

Tom's total assets are valued at $187,964 and total debt is $83,427. What is his total...

i) He owes $80,000 for his house which he believes is worth $150,000 ii) His car...

i) He owes $80,000 for his house which he believes is worth $150,000 ii) His car...

Which of the following situations describes a person who could be insolvent? Multiple Choice O Assets...

Richard Cook purchased a company with assets of $500,000 and liabilities of $400,000. He paid $150,000...

Based on the following data, compute the total assets, total liabilities, and net worth. Balance Sheet...

A company has assets of $150,000. The liabilities of the company total $45,000. What amount is...

Richard Cook purchased a company with assets of $500,000 and liabilities of $400,000. He paid $150,000...

Homework 1 Saved 33 Based on the following data, compute the total assets, total liabilities, and...

Based on the following data, compute the total assets, total liabilities, and net worth. Balance Sheet...

Tom's total assets are $150,000 and his total liabilities are $155,000. He is currently: Insolvent with...

Homework Answers

Add Answer to: Tom's total assets are $150,000 and his total liabilities are $155,000. He is currently: Insolvent with...

Post as a guest

Earn Coins

Add Answer to:
Tom's total assets are $150,000 and his total liabilities are $155,000. He is currently: Insolvent with...