The balances of select accounts of Stephanie Company as of December 31, 2016 are

Question

The balances of select accounts of Stephanie Company as of December 31, 2016 are given below.

What amount of total long-term assets would be shown on the balance sheet?

Building Debit -100000

Cash-6000

Office Supplies 1200

Furniture 7000

prepaid insurance 650

accumulated depreciation furniture credit 3000

land-32000

accumulated depreciation-building credit 4500

accounts receivable 3,000

all debit except accumulated depreciation -furniture and building which are credits

a-100000

b 131500

c. 132000

d 139000

Explanation / Answer

option b is correct

Building 100000 less accumulated depreciation 4500 Net building 95500 Furniture 7000 less accumulated depreciation 3000 Net furniture 4000 Land 32000 Total long term assets 131500

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