1a) These are selected account balances on December 31, 2018. Land (location of the...
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Accounting
1a) These are selected account balances on December 31, 2018.
Land (location of the corporations office building) $120,000
Land (long-term investment, held for future use) 75,000
Corporate Office Building 110,000
Inventory 80,000
Trademark 70,000
Prepaid Insurance 50,000
Accumulated Depreciation 20,000
What is the total amount of property, plant, and equipment that will appear on the balance sheet?
a. $210,000.
b.$230,000.
c.$285,000.
d.$315,000.
The income statement for the month of May, 2018 of Snap Shot, Inc. contains the following information:
Revenues Expenses:
$7,300
Salries and Wages Expense
$3,000
Rent Expense
1,300
Advertising Expense
700
Supplies Expense
200
Insurance Expense
100
Total expenses
5,300
Net income
$2,000
At May 1, 2018, Snap Shot reported owners equity of $36,000. The company had no owner drawings during June. At May 31, 2018, the company will report owners equity of
a. $30,700.
b.$36,000.
c.$38,000.
d.$43,300.
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