At the end of 20162016?, ZemanZeman?, ?Corp., had total assets of $ 331 comma 80
ID: 2438370 • Letter: A
Question
At the end of
20162016?,
ZemanZeman?,
?Corp., had total assets of
$ 331 comma 800$331,800
and total liabilities of
$ 175 comma 400$175,400.
Included in the assets were? property, plant, and equipment with a cost of
$ 246 comma 000$246,000
and accumulated depreciation of
$ 113 comma 000$113,000.
Also included in the assets were
$ 26 comma 500$26,500
of? patents,
$ 105 comma 000$105,000
of goodwill and
$ 34 comma 100$34,100
of other? long-term assets. During
20162016?,
ZemanZeman?,
?Corp., earned total revenues of
$ 435 comma 100$435,100
and had total expenses of
$ 335 comma 100$335,100.
Requirements
1.
ZemanZeman?,
20162016.
2.
What was the book value of? property, plant, and equipment on that? date?
Requirement 1. Show how
ZemanZeman?,
?Corp., reported? long-term assets on its balance sheet on December? 31,
20162016.
Balance Sheet (partial):
1.
Show howZemanZeman?,
?Corp., reported? long-term assets on its balance sheet on December? 31,20162016.
2.
What was the book value of? property, plant, and equipment on that? date?
Explanation / Answer
Solution 1:
Solution 2:
Book value of propertly plant and equipment = Cost - Accumulated depreciation
= $246,000 - $113,000 = $133,000
Zeman Corp. Balance Sheet (Partial) As of December 31, 2016 Particulars Amount Long term Assets: Property, Plant & Equipment $246,000.00 Less: Accumulated depreciation $113,000.00 $133,000.00 Other long term assets $34,100.00 Intangible Assets: Patents $26,500.00 Goodwill $105,000.00 Total long term assets $298,600.00Related Questions
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