A plant asset is a long-term fixed asset of the business which helps in generating revenue for the company. It has a useful life of more than one year, and depreciation is charged on this. To describe: The characteristic of plant assets which makes it different from other assets.

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Answer 1

Question

Chapter 8, Problem 1DQ

Summary Introduction

Introduction: A plant asset is a long-term fixed asset of the business which helps in generating revenue for the company. It has a useful life of more than one year, and depreciation is charged on this.

To describe: The characteristic of plant assets which makes it different from other assets.

Expert Solution & Answer

Explanation of Solution

Plant asset is different from other assets. The characteristics which make it different from other assets are as follows:

Plant asset is used in operations.
The plant has a more useful life than other assets.
Plant asset is not used for resale purpose. For example, shelves in business are plant assets, and inventory on shelves is not a plant asset. Inventory is used for resale but not shelves.

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A company had expenses other than the cost of goods sold of $280,000. Determine sales and gross profit given that the cost of goods sold was $120,000 and net income was $180,000. A. Sales: $580,000; Gross Profit: $60,000 B. Sales: $580,000; Gross Profit: $460,000 C. Sales: $460,000; Gross Profit: $580,000 D. Sales: $400,000; Gross Profit: $180,000 E. Sales: $400,000; Gross Profit: $60,000

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Answer 2

Question

Chapter 8, Problem 1DQ

Summary Introduction

Introduction: A plant asset is a long-term fixed asset of the business which helps in generating revenue for the company. It has a useful life of more than one year, and depreciation is charged on this.

To describe: The characteristic of plant assets which makes it different from other assets.

Expert Solution & Answer

Explanation of Solution

Plant asset is different from other assets. The characteristics which make it different from other assets are as follows:

Plant asset is used in operations.
The plant has a more useful life than other assets.
Plant asset is not used for resale purpose. For example, shelves in business are plant assets, and inventory on shelves is not a plant asset. Inventory is used for resale but not shelves.

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Answer 3

Question

Chapter 8, Problem 1DQ

Summary Introduction

Introduction: A plant asset is a long-term fixed asset of the business which helps in generating revenue for the company. It has a useful life of more than one year, and depreciation is charged on this.

To describe: The characteristic of plant assets which makes it different from other assets.

Expert Solution & Answer

Explanation of Solution

Plant asset is different from other assets. The characteristics which make it different from other assets are as follows:

Plant asset is used in operations.
The plant has a more useful life than other assets.
Plant asset is not used for resale purpose. For example, shelves in business are plant assets, and inventory on shelves is not a plant asset. Inventory is used for resale but not shelves.

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Answer 4

Question

Chapter 8, Problem 1DQ

Summary Introduction

Introduction: A plant asset is a long-term fixed asset of the business which helps in generating revenue for the company. It has a useful life of more than one year, and depreciation is charged on this.

To describe: The characteristic of plant assets which makes it different from other assets.

Expert Solution & Answer

Explanation of Solution

Plant asset is different from other assets. The characteristics which make it different from other assets are as follows:

Plant asset is used in operations.
The plant has a more useful life than other assets.
Plant asset is not used for resale purpose. For example, shelves in business are plant assets, and inventory on shelves is not a plant asset. Inventory is used for resale but not shelves.

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Answer 5

Chapter 8, Problem 1DQ

Summary Introduction

Introduction: A plant asset is a long-term fixed asset of the business which helps in generating revenue for the company. It has a useful life of more than one year, and depreciation is charged on this.

To describe: The characteristic of plant assets which makes it different from other assets.

Expert Solution & Answer

Explanation of Solution

Plant asset is different from other assets. The characteristics which make it different from other assets are as follows:

Plant asset is used in operations.
The plant has a more useful life than other assets.
Plant asset is not used for resale purpose. For example, shelves in business are plant assets, and inventory on shelves is not a plant asset. Inventory is used for resale but not shelves.

Answer 6

Chapter 8, Problem 1DQ

Summary Introduction

Introduction: A plant asset is a long-term fixed asset of the business which helps in generating revenue for the company. It has a useful life of more than one year, and depreciation is charged on this.

To describe: The characteristic of plant assets which makes it different from other assets.

Expert Solution & Answer

Explanation of Solution

Plant asset is different from other assets. The characteristics which make it different from other assets are as follows:

Plant asset is used in operations.
The plant has a more useful life than other assets.
Plant asset is not used for resale purpose. For example, shelves in business are plant assets, and inventory on shelves is not a plant asset. Inventory is used for resale but not shelves.

Answer 7

Chapter 8, Problem 1DQ

Summary Introduction

Introduction: A plant asset is a long-term fixed asset of the business which helps in generating revenue for the company. It has a useful life of more than one year, and depreciation is charged on this.

To describe: The characteristic of plant assets which makes it different from other assets.

Answer 8

Expert Solution & Answer

Explanation of Solution

Plant asset is different from other assets. The characteristics which make it different from other assets are as follows:

Plant asset is used in operations.
The plant has a more useful life than other assets.
Plant asset is not used for resale purpose. For example, shelves in business are plant assets, and inventory on shelves is not a plant asset. Inventory is used for resale but not shelves.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Ch. 8 - Prob. 1DQ Ch. 8 - Prob. 2DQ Ch. 8 - Prob. 3DQ Ch. 8 - Prob. 4DQ Ch. 8 - Prob. 5DQ Ch. 8 - Prob. 6DQ Ch. 8 - Prob. 7DQ Ch. 8 - Identify events that might lead to disposal of a...Ch. 8 - Prob. 9DQ Ch. 8 - Prob. 10DQ

A plant asset is a long-term fixed asset of the business which helps in generating revenue for the company. It has a useful life of more than one year, and depreciation is charged on this. To describe: The characteristic of plant assets which makes it different from other assets.

Introduction: A plant asset is a long-term fixed asset of the business which helps in generating revenue for the company. It has a useful life of more than one year, and depreciation is charged on this. To describe: The characteristic of plant assets which makes it different from other assets.

Explanation of Solution

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Chapter 8 Solutions

Introduction: A plant asset is a long-term fixed asset of the business which helps in generating revenue for the company. It has a useful life of more than one year, and depreciation is charged on this.

To describe: The characteristic of plant assets which makes it different from other assets.