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1. What is the total amount of current assets reported on Timber Corp’s 2014 balance sheet?
2. What is the total amount of Property, Plant, and Equipment?
3. What is the total amount of intangible assets?
Information is provided below!
Solution
Answer:1 The total amount of current asset reported on Timber Corp's 2014 balance sheet:
Current asset=Account receivable-allowance for doubtful debts+cash+Inventory+Prepaid rent
=150-15+97+170+85=487
Answer:2 The total amount of Property, Plant, and Equipment is:
=Land=$360
Building=$800
Less: Accumulated dep-Building=$320
Net building balance=480
Equipment=$600
Less: Accumulated dep-Equipment=$207
Net equipment=393
Total PPE=360+480+393=1233
Answer:3 The total amount of intangible assets is:
Goodwill+Patent
=460+85=545

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1. What is the total amount of current assets reported on Timber Cor.pdf

  • 1. 1. What is the total amount of current assets reported on Timber Corp’s 2014 balance sheet? 2. What is the total amount of Property, Plant, and Equipment? 3. What is the total amount of intangible assets? Information is provided below! Solution Answer:1 The total amount of current asset reported on Timber Corp's 2014 balance sheet: Current asset=Account receivable-allowance for doubtful debts+cash+Inventory+Prepaid rent =150-15+97+170+85=487 Answer:2 The total amount of Property, Plant, and Equipment is: =Land=$360 Building=$800 Less: Accumulated dep-Building=$320 Net building balance=480 Equipment=$600 Less: Accumulated dep-Equipment=$207 Net equipment=393 Total PPE=360+480+393=1233 Answer:3 The total amount of intangible assets is: Goodwill+Patent =460+85=545