(Solution Download) The poorly trained bookkeeper at Flowing Water Company has shown


The poorly trained bookkeeper at Flowing Water Company has shown you the long-term asset section of the company?s balance sheet that he will soon distribute to stockholders. For your convenience, each item is identified with a letter. These letters will not appear in the finished document.
Long-term investments:
(a) Machinery, net ....................$181,600
(b) Office supplies .......................8,710
(c) Land .........................78,000
Property, plant, and equipment:
(d) Patents ........................27,000
(e) Processing plant, net ...................206,960
(f) Obsolete equipment awaiting sale, net ............16,800
Intangible assets:
(g) Prepaid insurance (for next three years) ............21,000
(h) Common stock of Flower Corporation ...................................83,000
Other long-term assets:
(i) Cash ..........................4,722
(j) Standby equipment, net (used only during peak production) .....21,000
(k) Goodwill .........................14,000
(l) Investment in bonds of Beech Brothers, Inc. ............46,000
Write down each of the four category headings above. After each heading, list the letters of the items you believe should be reported under that heading.

 







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