Finance Questions? Ask a Financial Expert for Answers ASAP
Sorry, I hit enter too early - please give another minute or so to type out your answer
No problem, thanks
(Reported under property, plant, and equipment)Buildings $1,199,618Less Accumulated depreciation (652,404)Net 547,214Coal Mine 502,817Accumulated depletion (109,853)Net 392,964(Reported under intangible assets)Goodwill - 401,191
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.
If you need any clarification, let me know and I will get this into the format you need.
Okay, thanks a bunch
What would be the total property after coal mine and buildings?
Are you there?
Yes, it would be 940,178
But it's not. I must've made a mistake somewhere. I should check the numbers again.
What are the "blanks" you need to fill in?
You gave me all of them.
Are there any other numbers on the balance sheet that we need to add to the 940,178?
After Bulidings and Coal mine, Total property, plant, and equipment. And then Intangible assets, which you already told me.
Could you check the numbers to make sure the ones you provided me are all correct? Or are you confident those are correct?
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.
Ok, please give me one moment.
sure, thank you!
I apologize - I fail to see a reason why the Property, plant, and equipment would differ from the answer.
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.
No, no! Thank you so much for all your help. Really, appreciate it!
By the way, it is telling me that the following part is wrong.
(Reported under property, plant, and equipment)Buildings $1,199,618Less Accumulated depreciation (652,404)Net 547,214Coal Mine 502,817Accumulated depletion (109,853)Net 392,964
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.)
Did you list the coal mine first?
It has the smallest net book value so if list it first it might fix the problem
Try listing coal mine first and buildings second. See if that fixes it.
Oh! Let me try that
I'm glad I could be of help!