Use this information to answer the following question The total dollar amount of assets to be classified
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Use this information to answer the following question
The total dollar amount of assets to be classified as property, plant, and equipment is
A.$374,000.
B.$262,000.
C.$354,000.
D.$122,000
Transcribed Image Text:
Coyle Company Balance Sheet December 31, 20x5 Assets Cash $ 70,000 Short-term investments 56,000 Accounts receivable 28,000 Notes receivable (due in six months) 42,000 Merchandise inventory 98,000 Special fund for purchasing a building 112,000 Land 140,000 Building $150,000 Less accumulated depreciation 28,000 122,000 Trademark 92,000 Total assets $760,000 Liabilities Notes payable (due in one year) $ 70,000 Accounts payable 30,000 Salaries payable 14,000 Mortgage payable (due in seven years) 146.000 Total liabilities $260,000 Stockholders' Equity Common Stock 100,000 Retained Earnings 400,000 Total Stockholders' Equity 500,000 Total liabilities and stockholders' equity S760,000 Coyle Company Balance Sheet December 31, 20x5 Assets Cash $ 70,000 Short-term investments 56,000 Accounts receivable 28,000 Notes receivable (due in six months) 42,000 Merchandise inventory 98,000 Special fund for purchasing a building 112,000 Land 140,000 Building $150,000 Less accumulated depreciation 28,000 122,000 Trademark 92,000 Total assets $760,000 Liabilities Notes payable (due in one year) $ 70,000 Accounts payable 30,000 Salaries payable 14,000 Mortgage payable (due in seven years) 146.000 Total liabilities $260,000 Stockholders' Equity Common Stock 100,000 Retained Earnings 400,000 Total Stockholders' Equity 500,000 Total liabilities and stockholders' equity S760,000
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Related Book For
Fundamental Managerial Accounting Concepts
ISBN: 978-0078110894
6th Edition
Authors: Edmonds, Tsay, olds
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