Zoe Dental Implements has gross property, plant and equipment totaling $1.4 million, depreciation expense this year of

Question

Zoe Dental Implements has gross property, plant and equipment totaling $1.4 million, depreciation expense this year of $200,000, and accumulated depreciation last year of $550,000. What is Zoe's net property, plant and equipment? Select one: a. $550,000 b. $650,000 c. $1.2 million d. $1.4 million =============== A(n) ______ provides a financial summary of a firm's operating results during a specified period. Select one: a. statement of cash flows b. income statement c. statement of retained earnings d. balance sheet

Help In Homework · Accepted Answer

Ans part 1. Zoe Dental Implements a Gross Property ,Plant & Equipment $ 1,400,000 b Opening Balance Acuumlated Depreciation $ 550,000 c Addition to Accumulated Depreciation this year =Depreciation expense this year = $ 200,000 d Balance in Accumulated Depreciation now =b+c= 750,000 e Net Property ,Plant & Equipment=Gross Property ,Plant , Equipment Less Accumulated Depreciation balance =a-d= 650,000 So, option b , $ 650,000 is the correct option. Ans part 2. option a : Statement of Cash flow: Statement of Cash flow shows the changes in cash position during a period from operating , investing and financing activities during a period. It does not summarize the operating results during a specified period. So option a is incorrect. Option b: Income statement . Income statement shows the operating results like revenue earned and expenses incurred to earn the revenue during a specified period. So it summarizes the operating results of a company during a period. So option b is correct. option c. Statement of Retained Earning only shows the changes that happened in the retained earning balance during a period , it does not summarize operating results during a period. So option c is not correct. Option d; balance sheet. A balance sheet shows the financial position of the company in terms of assets and liabilities and equity on a particular date, it does not reflect the operating results of a company during a specific period. So option d is incorrect. Therefore , only option b is

Why Choose Us?

0% AI Guarantee

24/7 Support

Plagiarism Free

Expert Tutors

100% Confidential

On-Time Delivery

Zoe Dental Implements has gross property, plant and equipment totaling $1

Expert Solution

Archived Solution

Ans part 1.
	Zoe Dental Implements
a	Gross Property ,Plant & Equipment	$ 1,400,000
b	Opening Balance Acuumlated Depreciation	$ 550,000
c	Addition to Accumulated Depreciation this year =Depreciation expense this year =	$ 200,000
d	Balance in Accumulated Depreciation now =b+c=	750,000
e	Net Property ,Plant & Equipment=Gross Property ,Plant , Equipment Less Accumulated Depreciation balance =a-d=	650,000

	So, option b , $ 650,000 is the correct option.