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How much are tomar company total asset

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Reference no: EM132625929

On December 31, 2019, Tomar Company reported total assets of $390,000 and total liabilities of $110,000 prior to the following adjusting entries:

  1. Depreciation expense was $31,000
  2. Accrued salaries expense totaled $12,000
  3. The company used up $9,000 worth of an insurance policy, which was initially recorded as a prepaid expense asset
  4. Rent revenue of $7,000 was earned, where the rent was initially prepaid by the tenant and credited to unearned rent revenue.

Question 1: How much are Tomar Company's total assets after adjusting entries?

Question 2: How much are Tomar Company's total liabilities after adjusting entries?

Reference no: EM132625929

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