Solution:
Assets Section | ||
Current assets: | ||
Cash | $ 4,200 | |
Accounts Receivable | $ 14,500 | |
Prepaid Insurance | $ 3,900 | |
Total current assets | $ 22,600 | |
Property,plant, and equipment: | ||
Land | $ 65,000 | |
Equipment | $ 70,000 | |
Less: Accumulated Depreciation-Equipment | $ (25,000) | $ 45,000 |
Building | $ 110,000 | |
Less: Accumulated Depreciation-Building | $ (33,000) | $ 77,000 |
Total Long-term assets | $ 187,000 | |
Total Assets | $ 209,600 |
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