Question

At the end of

20162016?,

ZemanZeman?,

?Corp., had total assets of

$ 331 comma 800$331,800

and total liabilities of

$ 175 comma 400$175,400.

Included in the assets were? property, plant, and equipment with a cost of

$ 246 comma 000$246,000

and accumulated depreciation of

$ 113 comma 000$113,000.

Also included in the assets were

$ 26 comma 500$26,500

of? patents,

$ 105 comma 000$105,000

of goodwill and

$ 34 comma 100$34,100

of other? long-term assets. During

20162016?,

ZemanZeman?,

?Corp., earned total revenues of

$ 435 comma 100$435,100

and had total expenses of

$ 335 comma 100$335,100.

Requirements

1.	Show how ZemanZeman?, ?Corp., reported? long-term assets on its balance sheet on December? 31, 20162016.
2.	What was the book value of? property, plant, and equipment on that? date?

Requirement 1. Show how

ZemanZeman?,

?Corp., reported? long-term assets on its balance sheet on December? 31,

20162016.

Balance Sheet (partial):

Answer 1

Solution 1:

Zeman Corp.
Balance Sheet (Partial)
As of December 31, 2016
Particulars		Amount
Long term Assets:
Property, Plant & Equipment	$246,000.00
Less: Accumulated depreciation	$113,000.00	$133,000.00
Other long term assets		$34,100.00
Intangible Assets:
Patents		$26,500.00
Goodwill		$105,000.00
Total long term assets		$298,600.00

Solution 2:

Book value of propertly plant and equipment = Cost - Accumulated depreciation

= $246,000 - $113,000 = $133,000