Kramer and Associates has the following account balances listed in alphabetical order: Accumulated Depreciation, $18,000; Accounts Payable, $7,500, Accounts Receivable, $13,000; Cash, $2,000; Equipment, $46,000, Land, $21,000, Mortgage Payable, $42,000; Prepaid Insurance, $5,500; Supplies, $1,000; Unearned Revenue, $4,000; Wages payable, $6,000. Kramer and Associates' long-term assets are:

Question

Quizplus · Accepted Answer

Long-term assets consist of equipment, land, and accumulated depreciation. Adding up the balances of equipment and land and subtracting accumulated depreciation, we get $46,000 + $21,000 - $18,000 = $49,000.

Kramer and Associates Has the Following Account Balances Listed in Alphabetical