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DanielleCPA
DanielleCPA, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 727
Experience:  CPA experienced in tax and financial planning
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Information related to plant assets, natural resources, and

Resolved Question:

Information related to plant assets, natural resources, and intangibles at the end of 2010 for Spain Company is as follows: buildings $1,199,618; accumulated depreciation-buildings $652,404; goodwill $401,191; coal mine $502,817; accumulated depletion-coal mine $109,853. Complete the partial balance sheet of Spain Company for these items.
Submitted: 2 years ago.
Category: Finance
Expert:  DanielleCPA replied 2 years ago.

DanielleCPA :

Buildings

DanielleCPA :

Sorry, I hit enter too early - please give another minute or so to type out your answer

DanielleCPA :

Buildings

Customer:

No problem, thanks

DanielleCPA :

(Reported under property, plant, and equipment)
Buildings $1,199,618
Less Accumulated depreciation (652,404)
Net 547,214

Coal Mine 502,817
Accumulated depletion (109,853)
Net 392,964

(Reported under intangible assets)
Goodwill - 401,191

DanielleCPA :

The above is generally how they would be reported. Long-term assets can be reported net of depreciation/depletion or in total and then showing the accumulated as an adjustment - I wasn't sure what the format was of the balance sheet you needed to fill out.

DanielleCPA :

If you need any clarification, let me know and I will get this into the format you need.

Customer:

Okay, thanks a bunch

DanielleCPA :

Sure

Customer:

What would be the total property after coal mine and buildings?

Customer:

940178?

Customer:

Are you there?

DanielleCPA :

Yes, it would be 940,178

Customer:

But it's not. I must've made a mistake somewhere. I should check the numbers again.

DanielleCPA :

What are the "blanks" you need to fill in?

Customer:

You gave me all of them.

DanielleCPA :

Are there any other numbers on the balance sheet that we need to add to the 940,178?

Customer:

After Bulidings and Coal mine, Total property, plant, and equipment. And then Intangible assets, which you already told me.

DanielleCPA :

Could you check the numbers to make sure the ones you provided me are all correct? Or are you confident those are correct?

Customer:

Yes, they are correct. I just made sure and was trying to see if I entered them wrong. Everything is right but it's incorrect.

DanielleCPA :

Ok, please give me one moment.

Customer:

sure, thank you!

DanielleCPA :

I apologize - I fail to see a reason why the Property, plant, and equipment would differ from the answer.

DanielleCPA :

I don't feel that I can be of any more help you you here. I could opt out for another expect to assist you if you would like.

Customer:

No, no! Thank you so much for all your help. Really, appreciate it!

DanielleCPA :

You're welcome!

Customer:

By the way, it is telling me that the following part is wrong.

Customer:

(Reported under property, plant, and equipment)
Buildings $1,199,618
Less Accumulated depreciation (652,404)
Net 547,214

Coal Mine 502,817
Accumulated depletion (109,853)
Net 392,964

Customer:

Information related to plant assets, natural resources, and intangibles at the end of 2010 for Spain Company is as follows: buildings $1,199,618; accumulated depreciation-buildings $652,404; goodwill $401,191; coal mine $502,817; accumulated depletion-coal mine $109,853. Complete the partial balance sheet of Spain Company for these items. (List assets with smallest net book value first.)

DanielleCPA :

Did you list the coal mine first?

Customer:

no

DanielleCPA :

It has the smallest net book value so if list it first it might fix the problem

DanielleCPA :

Try listing coal mine first and buildings second. See if that fixes it.

Customer:

Oh! Let me try that

Customer:

Thank you!!

Customer:

It worked!

DanielleCPA :

You're welcome!

DanielleCPA :

I'm glad I could be of help!

DanielleCPA, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 727
Experience: CPA experienced in tax and financial planning
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