At the end of 2016, Crawford Corp., had total assets of $321,800 and total liabilities of $183,400.

Question:

At the end of 2016, Crawford Corp., had total assets of $321,800 and total liabilities of $183,400. Included in the assets were property, plant, and equipment with a cost of $242,000 and accumulated depreciation of $116,000. Also included in the assets were $24,300 of patents; $120,000 of goodwill; and $29,100 of other long-term assets. During 2016, Crawford Corp., earned total revenues of $430,800 and had total expenses of $320,200.

Requirements

1. Show how Crawford Corp., reported long-term assets on its balance sheet on December 31, 2016.

2. What was the book value of property, plant, and equipment on that date?

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...