Casello Mowing & Landscaping's year-end 2018 balance sheet lists current assets of $435,400, fixed assets of $550,600, current liabilities of $416,800, and long-term debt of $314,900. Calculate Casello's total stockholders' equity.   Crane Company purchases a new delivery truck for $50,000. The sales taxes are $5,000. The logo of the company is painted on the side of the truck for $1,600. The truck's annual license is $130. The truck undergoes safety testing for $270. What does Crane record as the cost of the new truck? A) $56,870 B) $54,870 C) $55,000 D) $57,000   Which of the following account titles should the following expenditure be debited: Paid $7,000 of accrued taxes at the time the plant site was acquired? a. Land Improvements b. Land c. Prepaid Insurance d. License Expense e. Equipment

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Casello Mowing & Landscaping's year-end 2018 balance sheet lists current assets of $435,400, fixed assets of $550,600, current liabilities of $416,800, and long-term debt of $314,900.

Calculate Casello's total stockholders' equity.

 

Crane Company purchases a new delivery truck for $50,000. The sales taxes are $5,000. The logo of the company is painted on the side of the truck for $1,600. The truck's annual license is $130. The truck undergoes safety testing for $270. What does Crane record as the cost of the new truck?

A) $56,870

B) $54,870

C) $55,000

D) $57,000

 

Which of the following account titles should the following expenditure be debited: Paid $7,000 of accrued taxes at the time the plant site was acquired?

a. Land Improvements

b. Land

c. Prepaid Insurance

d. License Expense

e. Equipment

 

 

 

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