Use the following information from a hotel’s balance sheet to solve the questions. ASSETS Dec 31, 2019 ($) Current Assets: Cash 30,000 Marketable securities 50,000 Accounts receivable 100,000 Inventory 20,000 Total Current Assets 200,000 Investments 100,000 Property & Equipment: Land 500,000 Building 5,000,000 Equipment 1,000,000 Less: Accumulated depreciation 1,600,000 Net Property & Equipment ? Total Assets ? LIABILITIES & OWNERS' EQUITY Current Liabilities: Accounts payable 60,000 Current maturities of Long-term debt 100,000 Dividends payable 30,000 Total Current Liabilities 190,000 Long-Term Liabilities: Long-term debt 4,000,000 Total Long-term Liabilities 4,000,000 Total Liabilities 4,190,000 Owners' Equity: Capital Stock 700,000 Retained Earnings ? Total Owners' Equity Total Liabilities and Owners' Equity What is the amount of “Net Property & Equipment” as of Dec 31, 2019?
Use the following information from a hotel’s balance sheet to solve the questions. ASSETS Dec 31, 2019 ($) Current Assets: Cash 30,000 Marketable securities 50,000 Accounts receivable 100,000 Inventory 20,000 Total Current Assets 200,000 Investments 100,000 Property & Equipment: Land 500,000 Building 5,000,000 Equipment 1,000,000 Less: Accumulated depreciation 1,600,000 Net Property & Equipment ? Total Assets ? LIABILITIES & OWNERS' EQUITY Current Liabilities: Accounts payable 60,000 Current maturities of Long-term debt 100,000 Dividends payable 30,000 Total Current Liabilities 190,000 Long-Term Liabilities: Long-term debt 4,000,000 Total Long-term Liabilities 4,000,000 Total Liabilities 4,190,000 Owners' Equity: Capital Stock 700,000 Retained Earnings ? Total Owners' Equity Total Liabilities and Owners' Equity What is the amount of “Net Property & Equipment” as of Dec 31, 2019?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter12: Intangibles
Section: Chapter Questions
Problem 10MC
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4,Questions 4-7) Use the following information from a hotel’s balance sheet to solve the questions.
ASSETS | Dec 31, 2019 ($) |
Current Assets: | |
Cash | 30,000 |
Marketable securities | 50,000 |
|
100,000 |
Inventory | 20,000 |
Total Current Assets | 200,000 |
Investments | 100,000 |
Property & Equipment: | |
Land | 500,000 |
Building | 5,000,000 |
Equipment | 1,000,000 |
Less: |
1,600,000 |
Net Property & Equipment | ? |
Total Assets | ? |
LIABILITIES & OWNERS' EQUITY | |
Current Liabilities: | |
Accounts payable | 60,000 |
Current maturities of Long-term debt | 100,000 |
Dividends payable | 30,000 |
Total Current Liabilities | 190,000 |
Long-Term Liabilities: | |
Long-term debt | 4,000,000 |
Total Long-term Liabilities | 4,000,000 |
Total Liabilities | 4,190,000 |
Owners' Equity: | |
Capital Stock |
700,000 |
|
? |
Total Owners' Equity | |
Total Liabilities and Owners' Equity |
What is the amount of “Net Property & Equipment” as of Dec 31, 2019?
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