What is the nature of SEC guidance concerning property, plant, and equipment disclosures?
What is the nature of SEC guidance concerning property, plant, and equipment disclosures?
Homework Answers
Answer :
The SEC guidance concerning property, plant, and equipment disclosures requires providing information on the related accumulated depreciation, depletion, and amortization. The registrants, prior to 1995, were required to give detailed schedules of property, plant, and equipment and other related accumulated depreciation, amortization and depletion in cases where the property, plant, and equipment account is more than 25 percent of total assets.
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What is the nature of SEC guidance concerning property, plant,
and equipment disclosures?
Edit question What are the types of property, plant, and equipment? How are these initially measured....
Edit question What are the types of property, plant, and equipment? How are these initially measured. What is considered when deciding whether to expense or capitalize an expenditure. What are the accounting procedures for subsequent expenditures and depreciation of an asset. What are the required disclosures for property, plant, and equipment? What are the various characteristics and types of intangible assets. Discuss accounting procedures for intangible assets including amortization, derecognition, and required disclosures. What are the categories of long-term operating...
a. Property, plant, and equipment are sold for $723,900. Record the sale of property, plant and...
a. Property, plant, and equipment are sold for
$723,900.
Record the sale of property, plant and equipment.
b. Property, plant, and equipment are sold for
$141,300.
Record the sale of property, plant and equipment.
Trish Craig and Ted Smith have a bio-energy and consulting business and share profit and losses in a 3:1 ratio. They decide to liquidate their partnership on December 31, 2020, when the balance sheet shows the following: Craig and Smith Consulting Balance Sheet December 31, 2020...
A main accounting issue for property, plant and equipment is * The cost of property, plant...
A main accounting issue for property, plant and equipment is * The cost of property, plant and equipment Testing property, plant and equipment for impairment Accounting for repairs and improvements to property, plant and equipment Disposal of property, plant and equipment All of these Buying shares in a corporation is attractive to investors because Shareholders are not liable for the corporation's actions and debts. Shares are easily transferred. A corporation has unlimited life. Shareholders are not agents of the corporation....
The client restricted the auditor from observing the property ,plant and equipment .The property, plant and...
The client restricted the auditor from observing the property ,plant and equipment .The property, plant and equipment is a material part of the assets making up 25% of total assets.Indicate the type of opinion that should be expressed in each of the following situations, providing reasons for your choice .
Which of the following statement is not typical of property, plant and equipment as compared to...
Which of the following statement is not typical of property, plant and equipment as compared to most current asset accounts? 1) A property, plant and equipment cutoff error near year-end has a more significant effect on net inome. 2) Relatively few transactions occur in property, plant and equipment during the year. 3) The assets involved with property, plant and equipment ordinarily have relatively longer lives. 4) Property, plan and equipment accounts typically have a higher dollar value.
What costs are included in the initial cost of property, plant and equipment when they are...
What costs are included in the initial cost of property, plant and equipment when they are purchased? What is the rationale for including costs in addition to the purchase price of the asset?
What are at least three elements of strong internal control over property, plant, and equipment?
What are at least three elements of strong internal control over property, plant, and equipment?
please I need them. Interpreting and Applying Disclosures on Property and Equipment Following are selected disclosures...
please I need them.
Interpreting and Applying Disclosures on Property and Equipment Following are selected disclosures from the Evett and Sternard Company (a specialty chemical company) 2007 10-K. Land, Building and Equipment, Net (in millions) 2007 2006 Land $ 146 $ 142 Buildings and improvements 2,000 1,900 Machinery and equipment 6,155 5,721 Capitalized interest 352 340 Construction in progress 271 218 Land, Building and Equipment, Gross 8,924 8,321 Less: Accumulated depreciation 5,908 5,481 Total $ 3,016 $ 2,840 The principal...
What is the total property, plant, and equipment? Do not use S signs, commas, or decimals...
What is the total property, plant, and equipment? Do not use S signs, commas, or decimals in your answer. Account Dec 31, 2020 Land $ 44,800 Accumulated depreciation- equipment Equipment 8.000 64,000 Accumulated depreciation building Building 40.000 320,000 AJ
QUESTION 25 Give three examples of property, plant and equipment.
QUESTION 25 Give three examples of property, plant and equipment. QUESTION 26 What type of account is the Allowance for Doubtful Accounts?
a. Property, plant, and equipment are sold for
$723,900.
Record the sale of property, plant and equipment.
b. Property, plant, and equipment are sold for
$141,300.
Record the sale of property, plant and equipment.
Trish Craig and Ted Smith have a bio-energy and consulting business and share profit and losses in a 3:1 ratio. They decide to liquidate their partnership on December 31, 2020, when the balance sheet shows the following: Craig and Smith Consulting Balance Sheet December 31, 2020...
A main accounting issue for property, plant and equipment is * The cost of property, plant and equipment Testing property, plant and equipment for impairment Accounting for repairs and improvements to property, plant and equipment Disposal of property, plant and equipment All of these Buying shares in a corporation is attractive to investors because Shareholders are not liable for the corporation's actions and debts. Shares are easily transferred. A corporation has unlimited life. Shareholders are not agents of the corporation....
please I need them.
Interpreting and Applying Disclosures on Property and Equipment Following are selected disclosures from the Evett and Sternard Company (a specialty chemical company) 2007 10-K. Land, Building and Equipment, Net (in millions) 2007 2006 Land $ 146 $ 142 Buildings and improvements 2,000 1,900 Machinery and equipment 6,155 5,721 Capitalized interest 352 340 Construction in progress 271 218 Land, Building and Equipment, Gross 8,924 8,321 Less: Accumulated depreciation 5,908 5,481 Total $ 3,016 $ 2,840 The principal...
What is the total property, plant, and equipment? Do not use S signs, commas, or decimals in your answer. Account Dec 31, 2020 Land $ 44,800 Accumulated depreciation- equipment Equipment 8.000 64,000 Accumulated depreciation building Building 40.000 320,000 AJ
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