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Use the following data to determine the total dollar amount of assets to be classified as property, plant, and equipment. Ace Supply Company Balance Sheet December 31, 2025 Cash Accounts receivable Inventory Short-term investments Land (held for future use) Land Buildings Less: Accumulated $ 126,000 O $774,000 O $1,029,000 $339,000 depreciation (60.000) Franchise Total assets 120,000 210,000 90,000 255,000 285,000 Accounts payable Salaries and wages payable Note payable (due 2028) Total liabilities 210.000 $1.575.000 Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 279,000 $ 165,000 30,000 270.000 465,000 360,000 750,000 1.110,000 $1.575.000

Use the following data to determine the total dollar amount of assets to be classified as property, plant, and equipment. Ace Supply Company Balance Sheet December 31, 2025 Cash Accounts receivable Inventory Short-term investments Land (held for future use) Land Buildings Less: Accumulated $ 126,000 O $774,000 O $1,029,000 $339,000 depreciation (60.000) Franchise Total assets 120,000 210,000 90,000 255,000 285,000 Accounts payable Salaries and wages payable Note payable (due 2028) Total liabilities 210.000 $1.575.000 Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 279,000 $ 165,000 30,000 270.000 465,000 360,000 750,000 1.110,000 $1.575.000

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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Use the following data to determine the total dollar amount of assets to be classified as property, plant, and equipment. Ace Supply Company Balance Sheet December 31, 2025 Cash Accounts receivable Inventory Short-term investments Land (held for future use) Land Buildings Less: Accumulated depreciation Franchise. Total assets O $774,000 O $1,029,000 O $564,000 O $834,000 $ 126,000 $339,000 (60,000) 120,000 210,000 90,000 255,000 285,000 Accounts payable Salaries and wages 210.000 $1.575.000 payable Note payable (due 2028) Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 279,000 $ 165,000 30,000 270.000 465,000 360,000 750,000 1.110,000 $1.575.000
Transcribed Image Text:Use the following data to determine the total dollar amount of assets to be classified as property, plant, and equipment. Ace Supply Company Balance Sheet December 31, 2025 Cash Accounts receivable Inventory Short-term investments Land (held for future use) Land Buildings Less: Accumulated depreciation Franchise. Total assets O $774,000 O $1,029,000 O $564,000 O $834,000 $ 126,000 $339,000 (60,000) 120,000 210,000 90,000 255,000 285,000 Accounts payable Salaries and wages 210.000 $1.575.000 payable Note payable (due 2028) Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 279,000 $ 165,000 30,000 270.000 465,000 360,000 750,000 1.110,000 $1.575.000
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