The following selected account balances appear on the December 31, 2015 balance sheet of Superchunk Co. $$\begin{array} { l r }
\text { Land (location of the office building) } & \$ 150,000 \
\text { Land (held for future use) } & 225,000 \
\text { Office Building } & 800,000 \
\text { Inventory } & 300,000 \
\text { Equipment } & 675,000 \
\text { Office Furniture } & 225,000 \
\text { Accumulated Depreciation } & 640,000
\end{array}$$ What is the total net amount of property, plant, and equipment that will be reported on the balance sheet?
A) $1,210,000
B) $1,435,000
C) $1,510,000
D) $1,850,000

Question

The following selected account balances appear on the December 31, 2015 balance sheet of Superchunk Co. $$\begin{array} { l r } 
\text { Land (location of the office building) } & \$ 150,000 \
\text { Land (held for future use) } & 225,000 \
\text { Office Building } & 800,000 \
\text { Inventory } & 300,000 \
\text { Equipment } & 675,000 \
\text { Office Furniture } & 225,000 \
\text { Accumulated Depreciation } & 640,000
\end{array}$$ What is the total net amount of property, plant, and equipment that will be reported on the balance sheet?
A) $1,210,000
B) $1,435,000
C) $1,510,000
D) $1,850,000

Quizplus · Accepted Answer

The total net amount of property, plant, and equipment is $1,210,000. This is calculated by adding the balances of the land, office building, inventory, equipment, and office furniture accounts, and then subtracting the accumulated depreciation balance.

The Following Selected Account Balances Appear on the December 31