Casello Mowing & Landscaping's year-end 2018 balance sheet lists current assets of $435,400, fixed assets of $550,600, current liabilities of $416,800, and long-term debt of $314,900. Calculate Casello's total stockholders' equity. Crane Company purchases a new delivery truck for $50,000. The sales taxes are $5,000. The logo of the company is painted on the side of the truck for $1,600. The truck's annual license is $130. The truck undergoes safety testing for $270. What does Crane record as the cost of the new truck? A) $56,870 B) $54,870 C) $55,000 D) $57,000 Which of the following account titles should the following expenditure be debited: Paid $7,000 of accrued taxes at the time the plant site was acquired? a. Land Improvements b. Land c. Prepaid Insurance d. License Expense e. Equipment
Casello Mowing & Landscaping's year-end 2018 balance sheet lists current assets of $435,400, fixed assets of $550,600, current liabilities of $416,800, and long-term debt of $314,900. Calculate Casello's total stockholders' equity. Crane Company purchases a new delivery truck for $50,000. The sales taxes are $5,000. The logo of the company is painted on the side of the truck for $1,600. The truck's annual license is $130. The truck undergoes safety testing for $270. What does Crane record as the cost of the new truck? A) $56,870 B) $54,870 C) $55,000 D) $57,000 Which of the following account titles should the following expenditure be debited: Paid $7,000 of accrued taxes at the time the plant site was acquired? a. Land Improvements b. Land c. Prepaid Insurance d. License Expense e. Equipment
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Casello Mowing & Landscaping's year-end 2018 balance sheet lists current assets of
$435,400, fixed assets of $550,600, current liabilities of $416,800, and long-term debt of
$314,900.
Calculate Casello's total stockholders' equity.
Crane Company purchases a new delivery truck for $50,000. The sales taxes are $5,000.
The logo of the company is painted on the side of the truck for $1,600. The truck's annual
license is $130. The truck undergoes safety testing for $270. What does Crane record as
the cost of the new truck?
A) $56,870
B) $54,870
C) $55,000
D) $57,000
Which of the following account titles should the following expenditure be debited: Paid
$7,000 of accrued taxes at the time the plant site was acquired?
a. Land Improvements
b. Land
c. Prepaid Insurance
d. License Expense
e. Equipment
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