Sunland Company’s December 31, 2020, trial balance includes the following accounts: Inventory $124,900, Buildings $208,800, Accu
mulated Depreciation-Equipment $27,400, Equipment $198,900, Land (held for investment) $48,700, Accumulated Depreciation-Buildings $45,900, Land $62,800, and Timberland $74,500.Prepare the property, plant, and equipment section of the balance sheet. (List Property, Plant and Equipment in order of Land, Buildings and Equipment. Enter account name only and do not provide the descriptive information provided in the question.)
1 answer:
Answer:
Explanation:
Before preparing the property, plant, and equipment section, we need to first calculate the total assets amount which equals to
= Land + Land (held for investment) + Building - Building Accumulated Depreciation + Equipment - Accumulated Depreciation of Equipment
= $62,800 + $48,700 + $208,800 - $45,900 + $198,900 - $27,400
= $445,900
The preparation of property, plant, and equipment section of the balance sheet is presented in the spreadsheet. Kindly find the attachment below:
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Answer:
A.
Explanation:
An improve in technology will allow firms to produce in an effective way therefore, with the same resources, firms will produce more units. This will cause an increase in total supply: at the same price, firms will offer more units. In this case, at prices $1, $2, $3, $4 and $5 the new quantities will be 6,8,10,12. In the demand and supply graph, this looks as shift to the right of the supply curve (figure attached).
It is not option B because the problem says increase in quantities "at these prices". It is not option C because an increase in taxes will increase costs of production, thus firms will decrease units of production. It is not option D because changes in income will affect demand.
