Which one of the following types of assets should not be classified as property, plant, and equipment? A). Leasehold Imp...
Which one of the following types of assets should not be classified as property, plant, and equipment?
A). Leasehold Improvements
B). Idle Land and Buildings
C). Long-Lived Tangible Assets
D). Fully-Depreciated Building (still in use)
Homework Answers
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Option B is the answer Idle land and buildings |
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Idle land and buildings which are not being used should not be classified under property plant and equipment . Comment if you face any issues |
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Which one of the following types of assets should not be classified as property, plant, and equipment? A). Leasehold Imp...
Which of the following operating assets would not be included as part of Property, Plant and...
Which of the following operating assets would not be included as part of Property, Plant and Equipment in a classified Balance Sheet? Group of answer choices Equipment Goodwill Buildings Land Improvements
PROBLEMS 10-1 (L01) EXCEL (Classification of Acquisiti in the property, plant, and equipment section of Reagan...
PROBLEMS 10-1 (L01) EXCEL (Classification of Acquisiti in the property, plant, and equipment section of Reagan C her Asset Costs) At December 31,2016, certain accounts included ompany e sheet ha d the following Land Buildings Leasehold i Equipment During 2017, the following transactions occurred. 1. Land site number 621 was acquired for $850,000. In addition, to acquire the land Reagan paid a $51,000 commission to a real estate agent. Costs of $35,000 were incurred to clear the land. During the...
At December 31, 2019, certain accounts included in the property, plant, and equipment section of Whispering...
At December 31, 2019, certain accounts included in the property, plant, and equipment section of Whispering Winds Corporation's statement of financial position had the following balances: Land $309,670 Buildings-Structure 882,700 Leasehold Improvements 704,910 Equipment 844,960 During 2020, the following transactions occurred: 1. Land site No. 621 was acquired for $799,660 plus a fee of $6,670 to the real estate agent for finding the property. Costs of $33,210 were incurred to clear the land. In clearing the land, topsoil and gravel...
At December 31, 2016, certain accounts included in the property, plant, and equipment section of Bridgeport...
At December 31, 2016, certain accounts included in the property, plant, and equipment section of Bridgeport Company's balance sheet had the following balances. Land $237,700 Buildings 905,300 Leasehold improvements 665,200 Equipment 882,900 During 2017, the following transactions occurred. 1. Land site number 621 was acquired for $853,100. In addition, to acquire the land Bridgeport paid a $55,700 commission to incurred to clear the land. During the course of clearing the land, timber and gravel were recovered and sold for $15,500....
Companies have a significant amount of investment in long-lived assets, which include property, plant, and equipment...
Companies have a significant amount of investment in long-lived assets, which include property, plant, and equipment (commonly referred to as plant assets); and intangible assets. We will also discuss different types of liabilities and understand how to account for and report those liabilities. Plant assets have useful lives of one year or more. What plant assets did a current or former employer utilize?
At December 31, 2016, certain accounts included in the property, plant, and equipment section of Windsor...
At December 31, 2016, certain accounts included in the property,
plant, and equipment section of Windsor Company’s balance sheet had
the following balances.
Land
$239,600
Buildings
895,900
Leasehold improvements
660,200
Equipment
878,700
During 2017, the following transactions occurred.
1.
Land site number 621 was acquired for $858,700. In addition, to
acquire the land Windsor paid a $57,400 commission to a real estate
agent. Costs of $43,600 were incurred to clear the land. During the
course of clearing the land, timber...
At December 31, 2019, certain accounts included in the property, plant, and equipment section of Blossom...
At December 31, 2019, certain accounts included in the property, plant, and equipment section of Blossom Company's balance sheet had the following balances. Land Buildings Leasehold improvements Equipment $238,200 905,200 661,900 883,800 During 2020, the following transactions occurred. 1. Land site number 621 was acquired for $850,800. In addition, to acquire the land Blossom paid a $53,000 commission to a real estate agent. Costs of $36,200 were incurred to clear the land. During the course of clearing the land, timber...
At December 31, 2016, certain accounts included in the property, plant, and equipment section of Carla...
At December 31, 2016, certain accounts included in the property, plant, and equipment section of Carla Company’s balance sheet had the following balances. Land $231,000 Buildings 890,300 Leasehold improvements 660,600 Equipment 881,000 During 2017, the following transactions occurred. 1. Land site number 621 was acquired for $851,500. In addition, to acquire the land Carla paid a $53,300 commission to a real estate agent. Costs of $40,000 were incurred to clear the land. During the course of clearing the land, timber...
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...
TRUE/FALSE Long-lived assets that are tangible in nature, used in the operations of the business, and...
TRUE/FALSE Long-lived assets that are tangible in nature, used in the operations of the business, and not held for sale in the ordinary course of business are called fixed assets. True False The acquisition costs of property, plant, and equipment should include all normal, reasonable and necessary cost to get the asset in place and ready for use. True False When land is purchased to construct a new building, the cost of removing any structures on the land should be...
PROBLEMS 10-1 (L01) EXCEL (Classification of Acquisiti in the property, plant, and equipment section of Reagan C her Asset Costs) At December 31,2016, certain accounts included ompany e sheet ha d the following Land Buildings Leasehold i Equipment During 2017, the following transactions occurred. 1. Land site number 621 was acquired for $850,000. In addition, to acquire the land Reagan paid a $51,000 commission to a real estate agent. Costs of $35,000 were incurred to clear the land. During the...
At December 31, 2019, certain accounts included in the property, plant, and equipment section of Whispering Winds Corporation's statement of financial position had the following balances: Land $309,670 Buildings-Structure 882,700 Leasehold Improvements 704,910 Equipment 844,960 During 2020, the following transactions occurred: 1. Land site No. 621 was acquired for $799,660 plus a fee of $6,670 to the real estate agent for finding the property. Costs of $33,210 were incurred to clear the land. In clearing the land, topsoil and gravel...
At December 31, 2016, certain accounts included in the property, plant, and equipment section of Bridgeport Company's balance sheet had the following balances. Land $237,700 Buildings 905,300 Leasehold improvements 665,200 Equipment 882,900 During 2017, the following transactions occurred. 1. Land site number 621 was acquired for $853,100. In addition, to acquire the land Bridgeport paid a $55,700 commission to incurred to clear the land. During the course of clearing the land, timber and gravel were recovered and sold for $15,500....
At December 31, 2016, certain accounts included in the property,
plant, and equipment section of Windsor Company’s balance sheet had
the following balances.
Land
$239,600
Buildings
895,900
Leasehold improvements
660,200
Equipment
878,700
During 2017, the following transactions occurred.
1.
Land site number 621 was acquired for $858,700. In addition, to
acquire the land Windsor paid a $57,400 commission to a real estate
agent. Costs of $43,600 were incurred to clear the land. During the
course of clearing the land, timber...
At December 31, 2019, certain accounts included in the property, plant, and equipment section of Blossom Company's balance sheet had the following balances. Land Buildings Leasehold improvements Equipment $238,200 905,200 661,900 883,800 During 2020, the following transactions occurred. 1. Land site number 621 was acquired for $850,800. In addition, to acquire the land Blossom paid a $53,000 commission to a real estate agent. Costs of $36,200 were incurred to clear the land. During the course of clearing the land, timber...
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...
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