The balances of select accounts of Stephanie Company as of December 31, 2016 are
ID: 2606171 • Letter: T
Question
The balances of select accounts of Stephanie Company as of December 31, 2016 are given below.
What amount of total long-term assets would be shown on the balance sheet?
Building Debit -100000
Cash-6000
Office Supplies 1200
Furniture 7000
prepaid insurance 650
accumulated depreciation furniture credit 3000
land-32000
accumulated depreciation-building credit 4500
accounts receivable 3,000
all debit except accumulated depreciation -furniture and building which are credits
a-100000
b 131500
c. 132000
d 139000
Explanation / Answer
option b is correct
Building 100000 less accumulated depreciation 4500 Net building 95500 Furniture 7000 less accumulated depreciation 3000 Net furniture 4000 Land 32000 Total long term assets 131500