Question

Total dollar amount for PP&E?

X Your answer is incorrect. The following information is for Skysong Auto Supplies: Skysong Auto Supplies Balance Sheet December 31, 2020 $ 41000 Accounts Payable 78000 Salaries and Wages Payable 98000 Mortgage Payable 142000 Total Liabilities 179000 250000 $ 132000 52000 155000 Cash Prepaid Insurance Accounts Receivable Inventory Land Held for Investment Land Buildings $197000 Less Accumulated Depreciation (64000) Trademark Total Assets 339000 Owner's Capital 719000 133000 137000 $1058000 Total Liabilities and Owner's Equity $1058000 The total dollar amount of assets to be classified as property, plant, and equipment is $626000

Answer 1

plant and equipment Calculation of Amount to be reported as property, plant and equipment: Land $ 250,000.00 Building 197,000.00 Less: Accumulated Depreciation $ (64,000.00) $ 133,000.00 Total Amount classified as Property, plant and equipment $ 383,000.00 Note that Land held for investment shall not be considered as Property. It should be considered as an Investment.