Question
In: Accounting
Accounting Homework, -------------------------------------------------------------- 21st Century Farms Inc. is high-tech farming operation that has successfully patented methods...
Accounting Homework,
--------------------------------------------------------------
21st Century Farms Inc. is high-tech farming operation that has successfully patented methods for quick and efficient farming 365 days a year in all kinds of weather.
As their accountant, you have been asked to prepare a partial balance sheet for their fixed assets for the year ended December 31, 2016.
Their books currently show the following information:
| Account |
Amount as of December 31, 2016 |
|---|---|
| Buildings | $ 1 080 000 |
| Goodwill | 420 000 |
| Patents | 600 000 |
| Farm Equipment | 390 000 |
| Accumulated Amortization, Buildings | 670 000 |
| Accumulated Amortization, Farm Equipment | 275 000 |
| Accumulated Amortization, Patents | 120 000 |
-------------------------------------------------------------------------------------------
| 21st Century Farms Inc. Balance Sheet (partial) December 31, 2016 | ||
continues......
-----------------------------
Thank you!
Solutions
Expert Solution
| 21st Century Farms Inc | ||
| Balance Sheet (partial) | ||
| 31-Dec-16 | ||
| ASSETS: | ||
| Fixed Assets: | ||
| Building | $ 1,080,000.00 | |
| Accumulated Amortization, Buildings | $ (670,000.00) | $ 1,750,000.00 |
| Patent | $ 600,000.00 | |
| Accumulated Amortization, Patents | $ (120,000.00) | $ 720,000.00 |
| Farm Equipment | $ 390,000.00 | |
| Accumulated Amortization, Farm Equipment | $ (275,000.00) | $ 665,000.00 |
| Goodwill | $ 420,000.00 | |
| Total Fixed Assets | $ 3,135,000.00 | |
Hope this helps, if not please let know in comments. Please please please please mark the answer as helpful for the efforts put, it will mean alot. Thanks
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