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The following financial information is from Cook Company: Accounts Payable $55,000 Land $90,000 Inventory $10,500 Accounts Receivable $7,500 Equipment $8,000 Deferred Revenue $58,500 Short-term Investments $20,000 Notes Receivable (due in 8 months) $45,500 Interest Payable $2,000 Patents $75,000What is the total amount of property, plant, and equipment assuming the accounts above reflect normal activity?

Respuesta :

jepessoa

Answer:

$98,000  

Explanation:

Under the Property, plant and equipment account we usually include the following accounts:

  • land 90,000
  • buildings 0
  • machinery 0
  • equipment 8,000
  • vehicles 0
  • furniture 0
  • office equipment 0
  • fixtures 0

Cook Company only has land assets and equipment assets that should be included under the Property, plant and equipment account for $98,000.

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