On December 31, Collins Company has the following list of account balances. Additional Resources Accounts Payable $65,100 Equipment $32,100 Accounts Receivable 27,200 Service Revenue 46,200 Accumulated Depreciation, Equipment 12,400 Legal Expense 6,800 Accumulated Depreciation, Buildings 66,000 Note Payable, due in two years. 13,000 Advertising Expense 8,100 Prepaid Rent 21,800 Beginning Retained Earnings 96,000 Rent Expense 4,300 Buildings 112,000 Salaries Expense 5,400 Capital Stock 51,000 Salaries Payable 14,300 Cash 97,600 Supplies 21,600 Dividends 19,700 Supplies Expense 7,400 Required: Compute the dollar amount of the book value of property, plant, and equipment as it would appear on the December 31 balance sheet.
On December 31, Collins Company has the following list of account balances. Additional Resources Accounts Payable $65,100 Equipment $32,100 Accounts Receivable 27,200 Service Revenue 46,200 Accumulated Depreciation, Equipment 12,400 Legal Expense 6,800 Accumulated Depreciation, Buildings 66,000 Note Payable, due in two years. 13,000 Advertising Expense 8,100 Prepaid Rent 21,800 Beginning Retained Earnings 96,000 Rent Expense 4,300 Buildings 112,000 Salaries Expense 5,400 Capital Stock 51,000 Salaries Payable 14,300 Cash 97,600 Supplies 21,600 Dividends 19,700 Supplies Expense 7,400 Required: Compute the dollar amount of the book value of property, plant, and equipment as it would appear on the December 31 balance sheet.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
On December 31, Collins Company has the following list of account balances.
Additional Resources
|
|
Accounts Payable |
$65,100
|
|
Equipment |
$32,100
|
|
|
|
27,200
|
|
Service Revenue |
46,200
|
||
|
|
12,400
|
|
Legal Expense |
6,800
|
||
|
|
Accumulated Depreciation, Buildings |
66,000
|
|
Note Payable, due in two years. |
13,000
|
|
|
|
Advertising Expense |
8,100
|
|
Prepaid Rent |
21,800
|
|
|
|
Beginning |
96,000
|
|
Rent Expense |
4,300
|
|
|
|
Buildings |
112,000
|
|
Salaries Expense |
5,400
|
|
|
|
Capital Stock |
51,000
|
|
Salaries Payable |
14,300
|
|
|
|
Cash |
97,600
|
|
Supplies |
21,600
|
|
|
|
Dividends |
19,700
|
|
Supplies Expense |
7,400
|
Required:
Compute the dollar amount of the book value of property, plant, and equipment as it would appear on the December 31
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