Kramer and Associates has the following account balances listed in alphabetical order: Accumulated Depreciation,$23,000;Accounts Payable,$8,500,Accounts Receivable,$12,000;Cash,$3,500;Equipment,$44,000,Land,$21,000,Mortgage Payable,$45,000;Prepaid Insurance,$7,500;Supplies,$2,000;Unearned Revenue,$6,000;Wages payable,$4,500.Kramer and Associates' long-term assets are:

Question

Quizplus · Accepted Answer

Long-term assets include Equipment ($44,000) and Land ($21,000). Accumulated Depreciation ($23,000) is subtracted from Equipment, resulting in $21,000 for Equipment. Therefore, the total long-term assets are $21,000 (Equipment) + $21,000 (Land) = $42,000.

Kramer and Associates Has the Following Account Balances Listed in Alphabetical