The following financial information is from Cook Company: What is the amount of long-term assets assuming the accounts above reflect normal activity?

Question

Quizplus · Accepted Answer

Long-term assets are typically items that a company plans to own or use for more than one year. Based on the information provided, the only accounts that could potentially fall under this category are the land, buildings, and equipment. Adding up these three accounts gives a total of $173,000, which is the amount of long-term assets for Cook Company assuming normal activity.

The Following Financial Information Is from Cook Company: What Is