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Property, Plant, and Equipment, Net

Property, Plant, and Equipment, Net

FINANCIAL ACCOUNTING
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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**Han Corporation Trial Balance Explanation** Selected accounts from Han Corporation's trial balance are as follows for December 31: **Selected Accounts** | Account Name | Debit | Credit | |----------------------------------------------|--------------|---------| | Cash | $150,000 | | | Short-Term Marketable Securities | 145,000 | | | Accounts Receivable | 26,000 | | | Inventories | 90,000 | | | Other Current Assets | 20,000 | | | Land | 330,000 | | | Buildings | 300,000 | | | Accumulated Depreciation-Buildings | | 40,000 | | Equipment | 141,000 | | | Accumulated Depreciation-Equipment | | 15,000 | | Goodwill | 40,000 | | | Other Intangible Assets | 20,000 | | **Summary** - The debit total includes current assets such as cash, securities, receivables, inventories, and other assets, along with non-current assets like land, buildings, equipment, goodwill, and other intangible assets. - The credit total accounts for accumulated depreciation on buildings and equipment. **Property, Plant, and Equipment, Net Section** **Input Fields:** - Users are required to fill out fields showing individual asset values and aggregate totals: - Property, Plant, and Equipment (Gross) - Total Property, Plant, and Equipment, Net This section is designed to help in preparing a detailed schedule to showcase the organization's property, plant, and equipment figures once depreciation is considered, contributing to the understanding of net asset values.
Transcribed Image Text:**Han Corporation Trial Balance Explanation** Selected accounts from Han Corporation's trial balance are as follows for December 31: **Selected Accounts** | Account Name | Debit | Credit | |----------------------------------------------|--------------|---------| | Cash | $150,000 | | | Short-Term Marketable Securities | 145,000 | | | Accounts Receivable | 26,000 | | | Inventories | 90,000 | | | Other Current Assets | 20,000 | | | Land | 330,000 | | | Buildings | 300,000 | | | Accumulated Depreciation-Buildings | | 40,000 | | Equipment | 141,000 | | | Accumulated Depreciation-Equipment | | 15,000 | | Goodwill | 40,000 | | | Other Intangible Assets | 20,000 | | **Summary** - The debit total includes current assets such as cash, securities, receivables, inventories, and other assets, along with non-current assets like land, buildings, equipment, goodwill, and other intangible assets. - The credit total accounts for accumulated depreciation on buildings and equipment. **Property, Plant, and Equipment, Net Section** **Input Fields:** - Users are required to fill out fields showing individual asset values and aggregate totals: - Property, Plant, and Equipment (Gross) - Total Property, Plant, and Equipment, Net This section is designed to help in preparing a detailed schedule to showcase the organization's property, plant, and equipment figures once depreciation is considered, contributing to the understanding of net asset values.
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The gross property, plant, and equipment represent the total of long-term assets. Whereas, net property, plant, and equipment represent the deduction of accumulated depreciation from the value of the long-term assets.

 

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