These are selected account balances on December 31, 2017.
Land $150,000
Land (held for future use) 225,000
Buildings 1,200,000
Inventory 300,000
Equipment 675,000
Furniture 150,000
Accumulated Depreciation 450,000
What is the total amount of property, plant, and equipment that will appear on the balance sheet?
-
$2,250,000
-
$1,950,000
-
$2,700,000
-
$1,725,000
These are selected account balances on December 31, 2017.
Land $150,000
Land (held for future use) 225,000
Buildings 1,200,000
Inventory 300,000
Equipment 675,000
Furniture 150,000
Accumulated Depreciation 450,000
What is the total amount of property, plant, and equipment that will appear on the balance sheet?
-
$2,250,000
-
$1,950,000
-
$2,700,000
-
$1,725,000
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Related questions
the following Dec 31 year-end adjusted trial balance is forHeath Wilmer Co.The credit balance in Heath Wilmer Owner Capital atthe beginning of the year, January 1, was $320,000. The Owner,Heath Wilmer, invested an additional $300,000 during the currentyear. The land held for future expansion was also purchased duringthe current year.
| Heath Wilmer Co. Adjusted Trial balance December 31 | ||
|---|---|---|
| Cash | $90,000 | |
| Account receceivable | 18,000 | |
| Prepaid insurance | 6,000 | |
| Office supplies | 2,000 | |
| Investments in stocks | 150,000 | |
| Land held for future expasion | 300,000 | |
| Office equipment | 18,000 | |
| Accumulated depreciation-Equipment | $4,000 | |
| Building | 600,000 | |
| Accumulated depreciation-Building | 170,000 | |
| Intangible assets-licensing agreement | 50,000 | |
| Accounts payable | 17,800 | |
| Salaries Payable | 16,400 | |
| Long-term note payable | 224,000 | |
| Heath Wilmer, Capital | 620,000 | |
| Health Wilmer, Withdrawals | 60,000 | |
| Service fees earned | 470,800 | |
| Salaries expense | 180,000 | |
| Insurance expense | 12,000 | |
| Rent expense | 25,000 | |
| Depreciation expense-Equipment | 2,000 | |
| Depreciation expense-Building | 10,000 | |
| Totals | $1,523,000 | $1,523,000 |
Required:
1. Prepare a classified year-end balance sheet. (Note: A $22,000installment on the long-term note payable is due within oneyear.)
2. Using the information presented:
(a) Calulate the current ratio. Comment on the ability of HeathWilmer Co. to meets its short-term debts.
(b) Calulate the debt ratio and comment on the financialposition and risk analysis of Heath Wilmer Co.
(c) Using the account balances to analyze the financial positionof Heath Wilmer Co., why would the owner need to invest anadditional $300,000 in the bussiness when the business is alreadyprofitable and the owner had an existing capital balance of$320,000?
| Balance Sheet Preparation The following is a December 31, 2015, post-closing trial balancefor the Happy Valley Corporation.
Additional Information: 1. The $105000 balance in the landaccount consists of $87600 for the cost of land where the plant andoffice buildings are located. The remaining amount represents thecost of land being held for speculation. 2. The $41600 in the marketablesecurities account represents an investment in the common stock ofanother corporation. Valley intends to sell one-half of the stockwithin the next year. 3. The notes payable account consistsof a note due in six months and a $187000 note due in three equalannual installments, with the first payment due in August of2015. Required: Calculate the following balance sheet totals for theValley Pump Corporation at December 31, 2014. Common Stock Current Assets Property, Plant and Equipment (net) Intangible and Other Assets Total Assets Short-term Note Payable Current Liabilities Long-term Liabilities Total Equity Total Liabilities and Equity |
Please include a detailed answer for the accounts you includedto find the balance of each.