The Following Selected Account Balances Appear on the December 31

question 180

Multiple Choice

The following selected account balances appear on the December 31, 2014 statement of financial position of Chen Co. What is the total amount of property, plant, and equipment that will be reported on the statement of financial position?

• A) $3,900,000
• B) $3,300,000
• C) $4,800,000
• D) $2,850,000

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Definitions:

Opportunity Cost

The drawback of failing to select the next best possible choice during the decision-making process.

Free Meal

A complimentary food serving provided without charge, often as a promotional offering or as a benefit.

Fast-Food Restaurant

A type of restaurant that offers quick service, affordable prices, and food served in a packaged form for take-out or dine-in.

Opportunity Cost

The value of the next best alternative foregone as a result of making a decision.