Question

Accounting for a Corporation: Mastery Test

Select the correct answer.
What is the total value of tangible assets that will be reflected in the balance sheet?
Land
5,000
Building
40,000
Plant and Equipment
20,000
Commercial Vehicles
35,000
Accumulated Depreciation 30,000
OA. $80,000
OB. $60,000
O C. $100,000
OD. $70,000

Answer 1

Answer: $70,000

Step-by-step explanation:

Given balance sheet:

Land-5,000

Building-40,000

Plant and Equipment-20,000

Commercial Vehicles-35,000

Total Value of Tangible Assets = Land + Building + Plant and Equipment + Commercial Vehicles - Accumulated Depreciation

Total Value of Tangible Assets = 5,000 + 40,000 + 20,000 + 35,000 - 30,000

Total Value of Tangible Assets = 70,000