Recover Co. has the following assets: Land used as plant site 50,000 Land and building classified as “held for sale assets” 780,000 Building used as office 500,000 Building rented out under an operating lease 420,000 Equipment being sold in the ordinary course of business 330,000 Office furniture 24,000 Fixtures and signage 10,000 Machinery 12,000 Automobiles (used by company officers) 350,000 Delivery trucks (used by the shipping department) 420,000 Computers 70,000 Aircraft rented out to various clients 690,000 Dairy cattle (held to produce milk that is sold to customers) 10,000 Harvested milk 3,000 Apple trees (held to bear fruits that are sold to customers) 6,000 Harvested apples 2,000 How much is the total of assets classified as property, plant and equipment?

Ashvinbhai

Fombell, Incorporated has the following assets in its trial balance: Cash $9,000 Equipment 65,000 Accounts Receivable 5,000 Copyright 4,000 Inventory 18,000 Patent 15,000 Building 130,000 What is the total balance of its Property, Plant, and Equipment? $

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With the following transactions, determine the Cost of Good Sold for a Manufacturing plant. 1. A $7000 loan was obtained and deposited in cash. 2. Another loan was obtained for the purchase of new equipment for the amount of 5539 with 5 years of life. 3. The equipment is depreciated for the first year. 4. Direct Labor is paid for the amount of 322. 5. Packaging employees are paid for 997. 6. 200 materials were invoiced at 2 each for the inventory. 7. 150 materials were used in production. 8. The 150 units were sold at $4.00 each and they are invoiced. 9. Sales and distribution expenses for $1000 were paid.

Cannington, Inc., designs, manufactures, and markets personal computers and related software. The following information was taken from a recent annual report of Cannington industries: Property, Plant, and Equipment (in millions):   Current Year Preceding Year Land and buildings $736,180   $426,984   Machinery, equipment, and internal-use software 699,371   552,135   Office furniture and equipment 110,427   95,703   Other fixed assets related to leases 890,778   669,924   Accumulated depreciation and amortization (934,949)   (780,351)   a.  Compute the book value of the fixed assets for the current year and the preceding year. Current year book value $ Preceding year book value $ b.  Would you normally expect the book value of fixed assets to increase or decrease during the year?

Wiater Company operates a small manufacturing facility. On January 1, 2021, an asset account for the company showed the following balances: Equipment Accumulated Depreciation (beginning of the year) $ 165,000 76,000 During the first week of January 2021, the following cash expenditures were incurred for repairs and maintenance: Routine maintenance and repairs on the equipment Major overhaul of the equipment that improved efficiency $ 2,150 27,000 The equipment is being depreciated on a straight-line basis over an estimated life of 10 years with a $13,000 estimated residual value. The annual accounting period ends on December 31. Required: 1. Prepare the adjusting journal entry that would have been made at the end of 2020 for depreciation on the manufacturing equipment. 2. Starting at the beginning of 2021, what is the remaining estimated life? 3. Prepare the journal entries to record the two expenditures for repairs and maintenance during 2021.

Carla Vista Mart and Sandhill Shop are two companies of roughly the same size both running a chain of convenience stores. Each company depreciates its plant assets using the straight-line method. An investigation of their financial statements reveals the following information: Net income Sales revenue Total assets (average) Plant assets (average) A. Return on assets Carla Vista Mart B. Asset turnover $124,992 854,400 4,166,400 1,584,000 Sandhill Shop Carla Vista Mart $126,490 For each company, calculate: (Round answers to 2 decimal places, e.g. 52.75.) 1,056,000 5,270,400 1,824,000 % Sandhill Shop %