These are selected account balances on December 31, 2011. Land (location of the corporation's office building) $100,000; Land (held for future use) 150,000; Corporate Office Building 600,000; Inventory 200,000; Equipment 450,000; Office Furniture 100,o00; Accumulated Depreciation 300,000. What is the total amount of non- current assets that will appear on the statement of financial position? Select one: a. $1,100,000 b. $1,300,000 C. $1,600,000 d. $950,000

These are selected account balances on December 31, 2011. Land (location of the corporation's office building) $100,000; Land (held for future use) 150,000; Corporate Office Building 600,000; Inventory 200,000; Equipment 450,000; Office Furniture 100,o00; Accumulated Depreciation 300,000. What is the total amount of non- current assets that will appear on the statement of financial position? Select one: a. $1,100,000 b. $1,300,000 C. $1,600,000 d. $950,000

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

Chapter12: Intangibles

Section: Chapter Questions

Problem 10MC

See similar textbooks

Similar questions

Presented below is the balance sheet of Sheffield Corporation for the current year, 2025. Current assets Investments 643,870 Property, plant, and equipment 1,723,870 Intangible assets 305,000 1. 2. 3. The following information is presented. The current assets section includes cash $153,870, accounts receivable $173,870 less $13,870 for allowance for doubtful accounts, inventories $183,870, and unearned rent revenue $8,870. Inventory is stated on the lower-of-FIFO-cost-or-net realizable value. 4. 5. Sheffield Corporation Balance Sheet December 31, 2025 $ 488,870 6. 7. $3,161,610 Current liabilities Long-term liabilities Stockholders' equity $ 383,870 1,003,870 1,773,870 $3,161,610 The investments section includes the cash surrender value of a life insurance contract $43,870; investments in common stock, short-term $83,870 and long-term $273,870; and bond sinking fund $242,260. The cost and fair value of investments in common stock are the same. Property, plant, and equipment includes…
Use the following data to determine the total dollar amount of assets to be classified as current assets Bramble Corp. Balance Sheet December 31, 2022 Cash $129000 Accounts payable $158500 Salaries and wages Accounts receivable 121300 33200 payable Inventory 207000 Note payable (due 2025) 268000 Short-term investments 85400 Total liabilities $459700 Land (held for future use) 255500 Land 282000 Buildings Common stock Less: Accumulated depreciation 271400 Retained earnings Franchise 203600 Total stockholders equity. Total liabilities and stockholders Total assets $1555200 equity O $335700 Ⓒ$798200 Ⓒ51001800 O $542700 $335000 (63600) $355000 740500 $1095500 $1555200
These are selected account balances on December 31, 2021 Land (location of the corporation's office building) P100,000 Land (held for future use) 150,000 Corporate Office Building 600,000 200,000 Inventory Equipment 450,000 Office Furniture 100,000 Accumulated Depreciation 300,000 What is the total amount of property, plant, and equipment that will appear on the balance sheet? Enter your answer
The balance sheets for Plasma Screens Corporation, along with additional information, are provided below: PLASMA SCREENS CORPORATIONBalance SheetsDecember 31, 2021 and 2020 2021 2020 Assets Current assets: Cash $ 146,750 $ 159,000 Accounts receivable 76,000 89,500 Inventory 90,000 75,500 Prepaid rent 3,000 1,500 Long-term assets: Land 455,000 455,000 Equipment 750,000 645,000 Accumulated depreciation (415,000 ) (258,000 ) Total assets $ 1,105,750 $ 1,167,500 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 94,000 $ 80,500 Interest payable 6,750 13,500 Income tax payable 7,000 4,500 Long-term liabilities: Notes payable 112,500 225,000 Stockholders' equity: Common stock…
Assume an investee has the following financial statement information for the three years ending December 31, 2013: (At December 31) 2011 2012 2013 Current assets Tangible fixed assets $310,500 844,500 75,000 $416,550 $428,205 861,450 992,595 67,500 60,000 Intangible assets Total assets $1,230,000 $1,345,500 $1,480,800 $150,000 $165,000 $181,500 Current liabilities Noncurrent liabilities Common stock 330,000 363,000 399,300 150,000 150,000 150,000 150,000 150,000 150,000 Additional paid-in capital Retained earnings 450,000 517,500 600,000 Total liabilities and equity $1,230,000 $1,345,500 $1,480,800 (At December 31) 2011 Revenues Expenses Net income Dividends 2012 2013 $1,275,000 $1,380,000 $1,455,000 1,162,500 1,260,000 1,314,000 $112,500 $120,000 $141,000 $37,500 $52,500 $58,500 Review of pre-consolidation cost method (controlling investment in affiliate, fair value equals book value) Assume that on January 1, 2011, an investor company purchased 100% of the outstanding voting common…
The balance sheets for Plasma Screens Corporation and additional information are provided below. PLASMA SCREENS CORPORATIONBalance SheetsDecember 31, 2021 and 2020 2021 2020 Assets Current assets: Cash $ 138,880 $ 118,000 Accounts receivable 74,000 90,000 Inventory 93,000 78,000 Investments 3,800 1,800 Long-term assets: Land 460,000 460,000 Equipment 770,000 650,000 Less: Accumulated depreciation (408,000 ) (248,000 ) Total assets $ 1,131,680 $ 1,149,800 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 97,600 $ 83,000 Interest payable 5,500 11,800 Income tax payable 7,500 4,800 Long-term liabilities: Notes payable 100,000 200,000 Stockholders' equity: Common stock…
Presented below is the balance sheet for HHD, Incorporated, at December 31, 2024. Current assets Investments Property, plant, and equipment Intangible assets Total assets Current liabilities Long-term liabilities Shareholders' equity Total liabilities and shareholders' equity $ 628,000 521,000 2,196,000 214,000 $ 3,559,000 $ 428,000 911,000 2,220,000 $ 3,559,000 The captions shown in the summarized statement above include the following: a. Current assets: cash, $157,000; accounts receivable (net), $207,000; inventory, $232,000; and prepaid insurance, $32,000. b. Investments: investment in equity securities, short term, $97,000, and long term, $424,000. c. Property, plant, and equipment: buildings, $1,570,000 less accumulated depreciation, $607,000; equipment, $570,000 less accumulated depreciation, $207,000; and land, $870,000. d. Intangible assets net of amortization: patent, $117,000; and copyright, $97,000. e. Current liabilities: accounts payable, $107,000; notes payable, short…
Selected accounts included in the property, plant, and equipment section of Kingbird Corporation's balance sheet at December 31, 2024, had the following balances. Land Land improvements Buildings Equipment 1. 2. During 2025, the following transactions occurred. 3. $426,000 198,800 Sales taxes 1,562,000 1,363,200 A tract of land was acquired for $213,000 as a potential future building site. A plant facility consisting of land and building was acquired from Mendota Company in exchange for 28,400 shares of Kingbird's common stock. On the acquisition date, Kingbird's stock had a closing market price of $37 per share on a national stock exchange. The plant facility was carried on Mendota's books at $156,200 for land and $454,400 for the building at the exchange date. Current appraised values for the land and building, respectively, are $326,600 and $979,800. Items of machinery and equipment were purchased at a total cost of $568,000. Additional costs were incurred as follows. Installation…
Presented below is the balance sheet of Pina Corporation for the current year, 2020. PINA CORPORATIONBALANCE SHEETDECEMBER 31, 2020 Current assets $ 486,360 Current liabilities $ 381,360 Investments 641,360 Long-term liabilities 1,001,360 Property, plant, and equipment 1,721,360 Stockholders’ equity 1,771,360 Intangible assets 305,000 $3,154,080 $3,154,080 The following information is presented. 1. The current assets section includes cash $151,360, accounts receivable $171,360 less $11,360 for allowance for doubtful accounts, inventories $181,360, and unearned rent revenue $6,360. Inventory is stated on the lower-of-FIFO-cost-or-net realizable value. 2. The investments section includes the cash surrender value of a life insurance contract $41,360; investments in common stock, short-term $81,360 and long-term $271,360; and bond sinking fund $247,280. The cost and fair value of investments in common stock are the same.…
Presented below is the balance sheet for HHD, Inc., at December 31, 2021. Current assets Investments Property, plant, and equipment Intangible assets Total asseta Current liabilities Long-term liabilities Shareholders' equity Total liabilities and shareholders' equity $ 612,000 509,000 2,084,000 206,000 $3,411,000 $412,000 1,019,000 1,980,000 $3,411,000. The captions shown in the summarized statement above include the following: a. Current assets: cash, $153,000; accounts receivable (net). $203,000; inventory, $228,000; and prepaid insurance, $28,000. b. Investments; investment in equity securities, short term, $93,000, and long term, $163,000; and restricted cash, long term, $253,000. c. Property, plant, and equipment buildings, $1,530,000 less accumulated depreciation, $603,000; equipment, $530,000 less accumulated depreciation, $203,000; and land, $830,000. d. Intangible assets net of amortization: patent, $113,000; and copyright, $93,000. e. Current liabilities: accounts payable,…
Question Description 1.These are selected account balances on December 31, 2017: Land (location of the corporation's office building) $400,000, Land held for investment $600,000, Office Building $2,900,000, Inventory $800,000, Equipment $1,800,000, Office Furniture $400,000, Accumulated Depreciation $1.200,000. What is the total amount of property, plant, and equipment that will appear on the Balance Sheet? $5,700,000 $6,900,000 $4,300,000 $4,900,000
help me please