The Following Selected Account Balances Appear on the December 31

question 117

Multiple Choice

The following selected account balances appear on the December 31, 2015 balance sheet of Superchunk Co. $$\begin{array} { l r } \text { Land (location of the office building) } & \$ 150,000 \\\text { Land (held for future use) } & 225,000 \\\text { Office Building } & 800,000 \\\text { Inventory } & 300,000 \\\text { Equipment } & 675,000 \\\text { Office Furniture } & 225,000 \\\text { Accumulated Depreciation } & 640,000\end{array}$$ What is the total net amount of property, plant, and equipment that will be reported on the balance sheet?

• A) $1,210,000
• B) $1,435,000
• C) $1,510,000
• D) $1,850,000

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Definitions:

Due

Typically refers to the expected time of payment or the deadline for financial obligations.

Credit Instrument

A legal document representing a promise to pay a specified sum of money to the holder under agreed conditions, such as bonds, notes, or bills.

Indebtedness

The condition of owing money, often as a result of borrowing for business or personal needs.

Legal Document

A document that states some contractual relationship or grants some right, serving as official evidence of an agreement.