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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

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ekkarill92 answered 1 year ago
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