Which of the Following Items Are Plant Assets

Plant assets are items that are considered long-term assetseven if the assets depreciatebecause of their high price or value. A plant asset is an asset with a useful life of more than one year that is used in producing revenues in a businesss operations.

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Request of liquidity is the introduction of benefits to be decided sheet in the request for the measure of time it would generally take to change over them into money.

. A-1 Roofing Service incurred the following costs for its service truck during the current year. Loss on sale of asset Gain on sale of asset No gain or loss recognized. Option - C - Current assets plant assets intangible assets shows the listed items in their proper order of presentation in a balance sheet.

Anthropology Archaeology - Introductory Courses. Asked Sep 22 2015 in Business by LadyMismatch 1 flag. Plant equipment and machinery.

- Debit the asset account. Which one of the following items is not a consideration when recording periodic depreciation expense on plant assets. Which one of the following items is not a consideration when recording periodic depreciation expense on plant assets.

There are different ways through which a company can provide for reducing the cost of the asset. Plant assets are recorded at their cost and depreciation expense is recorded during their useful lives. When considering the sale of a plant asset match the following outcomes to the appropriate situations.

Equipment being used in operations Building being used for operations. Cash needed to replace the plant asset d. Which of the following items are plant assets.

Plant assets other than land are depreciated over their useful. Check all that apply Equipment being used in operations. Based on the following data what is the amount of current assets.

3 Cash needed to replace the plant asset. Current assets plant assets intangible assets C. Revenue Capital Revenue Blank 1 Blank 1 revenue Incorrect Unavailable expenditures are additional costs of plant assets that provide benefits extending beyond the current period such as a plant expansion or machine overhaul.

Correct Answer Blank 1. Regardless of value it is important to know which of your assets are plant assets. Which of the following is a plant asset.

Inventory Inventory is a current asset account found on the balance sheet consisting of all raw materials work-in-progress and finished goods that a. The cost of plant assets should include all of the normal and reasonable expenditures necessary to get the asset in place and ready for its intended use including repairs to damages incurred after installation. Accounting questions and answers.

Which of the following items are plant assets. Which of the following is a tangible item that is included in plant assets. PPE Property Plant and Equipment PPE Property Plant and Equipment PPE Property Plant and Equipment is one of the core non-current assets found on the balance sheet.

Check all that apply cost. The cost of a plant asset includes the following-Cost to prepare it for use-Purchase price Assets used in a companys operations that have a useful life of more than one accounting period are called _ assets-Plant Plant assets should be recorded at cost including all normal and reasonable expenditures necessary to get the asset in place and ready for its. Depreciation of Plant Assets.

The following information is taken from the balance sheet of Atlanta Company. 26 items by abeveridge10. Consistent with the _____ principle plant assets should be recorded at cost which includes all the normal and reasonable expenditures necessary to get the asset in place and ready for its intended use.

Which of the following shows the listed items in their proper order of presentation in a balance sheet. None of the above. 2 Estimated useful life.

Estimated useful life c. 30 items by sue11. Useful assets that serve your business sufficiently are generally the items you can place in this category.

A Equipment B Patents C Trademark D Accounts Receivable. Correct Answer Blank 1. 600 Property Plant Equip.

Check all that apply Land held for investment Equipment being used in operations Equipment with no value Building being used for operations PlantCurrent assets purchased as a group in a single transaction for a lump sum price also called a lump sum group bulk or basket purchase are allocated the. Current assets intangible assets plant assets D. There are five main categories of plant assets with most plant assets falling under one category.

Here are some examples of plant assets. Plant assets intangible assets current assets B. Plant assets are also known as fixed assets.

A company budgets the following merchandising purchases. Which of the following is an entry that occurs during purchase of land. In loose terms the difference between the salvage value and the actual cost of the asset is known as depreciation.

Which of the following items are plant assets. Which of the following items are plant assets. Cost 10 - 12.

Which of the following items are plant assets. The cost of plant assets should include all of the normal and reasonable expenditures necessary to get the asset in place and ready for its intended use including repairs to damages incurred after installation False. 1370 What is Atlanta Companys current ratio.

Intangible assets plant assets current assets E. Depreciation is the wear and tear of the asset which occurs due to its daily usage. Check all that apply Equipment being used in operations Building being used for operations True or false.

All purchases are on account and the company pays 25 of purchases in the month of the purchase and the remaining amount in the following month.

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