Question
Use the following data to determine the total dollar amount of assets to be classified as property, plant, and equipment. Splish Brothers Inc. Balance Sheet
Use the following data to determine the total dollar amount of assets to be classified as property, plant, and equipment.
| Splish Brothers Inc. | |||||
| Balance Sheet | |||||
| December 31, 2022 | |||||
| Cash | $198000 | Accounts payable | $203000 | ||
|---|---|---|---|---|---|
| Accounts receivable | 150000 | Salaries and wages payable | 31500 | ||
| Inventory | 155000 | Mortgage payable | 228500 | ||
| Prepaid insurance | 93900 | Total liabilities | $463000 | ||
| Stock investments | 273000 | ||||
| Land | 267000 | ||||
| Buildings | $313000 | Common stock | $395400 | ||
| Less: Accumulated depreciation | (64500) | 248500 | Retained earnings | 727000 | |
| Goodwill | 200000 | Total stockholders' equity | $1122400 | ||
| Total assets | $1585400 | Total liabilities and stockholders' equity | $1585400 | ||
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Advances In International Accounting Volume 20
Authors: J. Timothy Sale
1st Edition
0762313994, 9780762313990
