The Tom Smith Corporation has the following items: Cash, $5,000; Machinery, $50,000; Building, $150,000; Note payable bank, $10,000; Savings, $10,000; Long -term debt, $50,000; Accounts payable, $30,000; Taxes payable, $5,000; Accounts receivable, $30,000; Inventory, $10,000; Depreciation Building, $35,000; Depreciation Machinery, $25,000; Land $50,000. Total liabilities for this Corporation are

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Total liabilities include Note payable bank ($10,000), Long-term debt ($50,000), Accounts payable ($30,000), and Taxes payable ($5,000), which sum up to $95,000.

The Tom Smith Corporation Has the Following Items: Cash, $5,000;