EA1. LO 11.1 Fombell, Incorporated has the following assets in its trial balance: $ 10,000 60,000 3,000 4,000 16,000 10,000 100,000 Cash Equipment Accounts receivable Copyright Inventory Patent Building What is the total balance of its Property, Plant,

EA1. LO 11.1 Fombell, Incorporated has the following assets in its trial balance: $ 10,000 60,000 3,000 4,000 16,000 10,000 100,000 Cash Equipment Accounts receivable Copyright Inventory Patent Building What is the total balance of its Property, Plant,

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Exercise Set A
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EA1. LO 11.1 Fombell, Incorporated has the
following assets in its trial balance:
$ 10,000
60,000
3,000
4,000
16,000
10,000
100,000
Cash
Equipment
Accounts receivable
Copyright
Inventory
Patent
Building
What is the total balance of its Property, Plant,
and Equipment?
EA2. LO 11.2 Jada Company had the following
transactions during the year:
• Purchased a machine for $500,000 using a
long-term note to finance it
• Paid $500 for ordinary repair
• Purchased a patent for $45,000 cash
• Paid $200,000 cash for addition to an
4
II

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Net intangible assets 2035 1,851,000 2034 970,000 The client provided further details regarding the intangible assets as follows: 2034 720,000 250,000 0 970,000 1 Customer list 2 Goodwill 3 Trademark XYZ Total net intangible assets 2035 1,100,000 237,500 513,500 1,851,000
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Question 21 A company has the following assets: Buildings and Equipment, less accumulated depreciation of $2010000 $9520000 Copyrights 959000 Patents 4100000 Timberlands, less accumulated depletion of $2760000 4870000 The total amount reported under Property, Plant, and Equipment would be $19449000. $15349000. $14390000. $18490000.