Use the Information Provided from Haloid Company's Accounting Records to Answer

question 35

Essay

Use the information provided from Haloid Company's accounting records to answer questions
For the Years Ended December 31, 2018, and 2017
$\begin{array}{lrr}\text { Assets }&2018&2017\\\text { Cash } & \$ 80 & \$ 60 \\\text { Accounts receivable } & 40 & 40 \\\text { Short-term investment in property } & 40 & 60 \\\text { Property, plant, and equipment } & \underline{350} & \underline{310} \\\quad \text { Total assets } & \underline{\underline{510}} & \underline{\$ 470}\\\text { Liabilities and Shareholders' Equity }\\\text { Accounts payable } & \$ 85 & \$ 90 \\\text { Contributed capital } & 310 & 300 \\\text { Retained earnings } & 115 & 80 \\\text { Total liabilities \& shareholders' equity } & \$ 510& \$ 470\\\text { Income Statement: }\\\text { Sales revenue } & \$ 850 \\\text { Expenses } & \$ 800 \\\text { Net Income } & \$ \underline{50}\end{array}$
-How is it possible that Haloid reports "property" in two different places on its balance sheet?

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Definitions:

Basic Outline

A simplified structure highlighting the key components and their arrangement in a document, presentation, or project.

Proposal Preparation

The process of creating a document that outlines a plan or suggestion for a project, including objectives and methods.

Cognitive Dissonance

A psychological discomfort experienced when holding conflicting cognitions (e.g., beliefs, attitudes, or values), leading to a motivation to reduce the inconsistency.

Contradictory Attitudes

Holding conflicting or opposing views towards an object, person, or situation simultaneously.