Use the following data to determine the total dollar amount of assets to be classified as2.property, plant, and equipment.Koonce Office SuppliesBalance SheetDecember 31, 2022$ 210,00030,000CashAccounts receivableInventoryPrepaid insuranceStock investments (Long-term) 255,000LandBuildingsLess: Accumulated195,000150,000165,00090,000Accounts payableSalaries and wages payableMortgage payable240.000480,000Total liabilities360,000750.000$1.110,000270,000$315,000depreciationTrademarksTotal assetsCommon stockRetained earningsTotal stockholders' equityTotal liabilities andstockholders' equity(60,000)255,000210,000$1.590.000$1.590.000a. $990,000b. $525,000C. $735,000d. $585,0003.Use the following data to determine the total dollar amount of assets to be classified asinvestments.Koonce Office SuppliesBalance SheetDecember 31, 2022195,000150,000165,00090,000Accounts payableSalaries and wages payableMortgage payableTotal liabilities$4CashAccounts receivableInventoryPrepaid insuranceStock investments (long-term) 255,000LandBuildingsLess: Accumulated$ 210,00030,000240.000$480,000270,000Common stockRetained earningsTotal stockholders' equityTotal liabilities andstockholders' equity$315,000255,000210,000$1.590.000(60,000)$360,000750,000$1.110.000depreciationTrademarksTotal assets$0$1,590.000ab.$525,000$255,000C.$465,000d.->O LIVE

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Description: Use the following data to determine the total dollar amount of assets to be classified as2.property, plant, and equipment.Koonce Office SuppliesBalance SheetDecember 31, 2022$ 210,00030,000CashAccounts receivableInventoryPrepaid insuranceStock inves

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2. Use the following data to determine the total dolar amount of assets to be classified as property, plant, and equipment Koonce Office Supplies Balance Sheet December 31, 2022 $ 210,000 30,000 240.000 480,000 Cash Accounts receivable Inventory Prepaid insurance Stock investments (Long-term) 255,000 Land Buildings Less Accumulated $ 195,000 150,000 165.000 90,000 Accounts payable Salaries and wages payable Mortgage payable Total labilities 360,000 750.000 $1.110.000 270,000 $315,000 Common stock Retained earnings Total stockholders' equity Total labilities and stockholders' equity depreciation Trademarks (60.000) 255,000 210.000 $1.590.000 Total assets $1.590.000 a $990,000 b. $525,000 C $735.000 d. $585,000

2. Use the following data to determine the total dolar amount of assets to be classified as property, plant, and equipment Koonce Office Supplies Balance Sheet December 31, 2022 $ 210,000 30,000 240.000 480,000 Cash Accounts receivable Inventory Prepaid insurance Stock investments (Long-term) 255,000 Land Buildings Less Accumulated $ 195,000 150,000 165.000 90,000 Accounts payable Salaries and wages payable Mortgage payable Total labilities 360,000 750.000 $1.110.000 270,000 $315,000 Common stock Retained earnings Total stockholders' equity Total labilities and stockholders' equity depreciation Trademarks (60.000) 255,000 210.000 $1.590.000 Total assets $1.590.000 a $990,000 b. $525,000 C $735.000 d. $585,000

FINANCIAL ACCOUNTING

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Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Concept explainers

Depreciation Methods

The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.

Depreciation Accounting

In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.

Topic Video

Question

Use the following data to determine the total dollar amount of assets to be classified as
2.
property, plant, and equipment.
Koonce Office Supplies
Balance Sheet
December 31, 2022
$ 210,000
30,000
Cash
Accounts receivable
Inventory
Prepaid insurance
Stock investments (Long-term) 255,000
Land
Buildings
Less: Accumulated
195,000
150,000
165,000
90,000
Accounts payable
Salaries and wages payable
Mortgage payable
240.000
480,000
Total liabilities
360,000
750.000
$1.110,000
270,000
$315,000
depreciation
Trademarks
Total assets
Common stock
Retained earnings
Total stockholders' equity
Total liabilities and
stockholders' equity
(60,000)
255,000
210,000
$1.590.000
$1.590.000
a. $990,000
b. $525,000
C. $735,000
d. $585,000
3.
Use the following data to determine the total dollar amount of assets to be classified as
investments.
Koonce Office Supplies
Balance Sheet
December 31, 2022
195,000
150,000
165,000
90,000
Accounts payable
Salaries and wages payable
Mortgage payable
Total liabilities
$4
Cash
Accounts receivable
Inventory
Prepaid insurance
Stock investments (long-term) 255,000
Land
Buildings
Less: Accumulated
$ 210,000
30,000
240.000
$480,000
270,000
Common stock
Retained earnings
Total stockholders' equity
Total liabilities and
stockholders' equity
$315,000
255,000
210,000
$1.590.000
(60,000)
$360,000
750,000
$1.110.000
depreciation
Trademarks
Total assets
$0
$1,590.000
a
b.
$525,000
$255,000
C.
$465,000
d.
->
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