Task 3 Understand how amortization affects a companys financial statements 21st Century Farms Inc is a high tech farming operation that has successfully patented methods for quick and efficient farming 365 days a year in all kinds of weather As their accountant, you have been asked to prepare a partial balance sheet for their fixed assets for the year ended December 31, 2016 Their books currently show the following information Account Amount as of December 31, 2016 Buildings $ 1,080,000 Goodwill 420,000 Patents 600,000 Farm Equipment 390,000 Accumulated Amortization, Buildings 670,000 Accumulated Amortization, Farm Equipment 275,000 Accumulated Amortization, Patents 120,000 To provide your answer, recreate the following table in a doc or docx format using word processing software When finished, save the document and submit it for evaluation along with all of the documents from the other tasks in this assessment PLEASE EXPLAIN ANSWER AFTER TOO 21st Century Farms Inc Balance Sheet (partial) December 31, 2016

The Answer is in the image, click to view ...

Question: Task 3: Understand how amortization affects a companys financial statements 21st Century Farms Inc. is a high-tech farming operation that has successfully patented methods for

Task 3: Understand how amortization affects a companys financial statements

21st Century Farms Inc. is a high-tech farming operation that has successfully patented methods for quick and efficient farming 365 days a year in all kinds of weather.

As their accountant, you have been asked to prepare a partial balance sheet for their fixed assets for the year ended December 31, 2016.

Their books currently show the following information:

Account	Amount as of December 31, 2016
Buildings	$ 1,080,000
Goodwill	420,000
Patents	600,000
Farm Equipment	390,000
Accumulated Amortization, Buildings	670,000
Accumulated Amortization, Farm Equipment	275,000
Accumulated Amortization, Patents	120,000

To provide your answer, recreate the following table in a .doc or .docx format using word-processing software. When finished, save the document and submit it for evaluation along with all of the documents from the other tasks in this assessment.

PLEASE EXPLAIN ANSWER AFTER TOO

21st Century Farms Inc. Balance Sheet (partial) December 31, 2016

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Crane Tar and Gravel Ltd. operates a road construction business. In its first year of operations, the company won a contract to build a road for the municipality of Cochrane West. It is estimated...

Task 3: Understand how amortization affects a companys financial statements 21st Century Farms Inc. is a high-tech farming operation that has successfully patented methods for quick and efficient...

Now that you have an understanding of amortization, it's time to put everything together. In each of the following three tasks, you will play the role of accountant for a corporation with fixed...

Question 5: Understand how amortization affects a company's financial statements 21st Century Farms Inc. is a high-tech farming operation that has successfully patented methods for quick and...

Accounting Homework, -------------------------------------------------------------- 21st Century Farms Inc. is high-tech farming operation that has successfully patented methods for quick and...

Hi, I need some help with providing the answer to the following amortization quesiton, all the info is available on the following image file Task 3: Understand how amortization affects a To provide...

21st Century Farms Inc. is a high-tech farming operation that has successfully patented methods for quick and efficient farming 365 days a year in all kinds of weather. As their accountant, you have...

Q5) Mark the base peak and the molecular ion peak in the following El (Electron Impact) Mass Spectrum. Explain why the base peak is not the molecular ion peak. acetophenone CENBO (Mass of molecular...

Your friend offers to you to be a part of his partnership business. If you agree to this, you will receive $6,000 at the beginning of each year, for the next 8 years. Your friend's partnership...

6. On a production possibilities curve, a change from economic inefficiency to economic efficiency is obtained by a. movement along the curve. b. movement from a point outside the curve to a point on...

Projects A and B are mutually exclusive and both have an initial cost of $88,000. Project A has annual cash flows for three years of $18,300, $34,500, and $52,300, respectively. Project B has annual...

5. List the forces that shape a groups decisions

4. Identify how culture affects appropriate leadership behavior

3. Identify the qualities that make leaders effective at enacting change