The balances of select accounts of Donovan Company as of December 31,2018 are given below. $$\begin{array} { | l | r | r | }
\hline & { \text { Debit } } & \text { Credit } \
\hline \text { Building } & \$ 130,000 & \
\hline \text { Cash } & 9,000 & \
\hline \text { Office Supplies } & 800 & \
\hline \text { Furniture } & 6,000 & \
\hline \text { Prepaid Insurance } & 450 & \
\hline \text { Accumulated Depreciation-Furniture } & & \$ 3,000 \
\hline \text { Land } & 30,000 & \
\hline \text { Accumulated Depreciation-Building } & & 4,300 \
\hline \text { Accounts Receivable } & 3,000 & \
\hline
\end{array}$$ What amount of total long-term assets would be shown on the balance sheet at December 31,2018?
A) $130,000
B) $158,700
C) $160,000
D) $166,000

Question

The balances of select accounts of Donovan Company as of December 31,2018 are given below. $$\begin{array} { | l | r | r | } 
\hline &  { \text { Debit } } & \text { Credit } \
\hline \text { Building } & \$ 130,000 & \
\hline \text { Cash } & 9,000 & \
\hline \text { Office Supplies } & 800 & \
\hline \text { Furniture } & 6,000 & \
\hline \text { Prepaid Insurance } & 450 & \
\hline \text { Accumulated Depreciation-Furniture } & & \$ 3,000 \
\hline \text { Land } & 30,000 & \
\hline \text { Accumulated Depreciation-Building } & & 4,300 \
\hline \text { Accounts Receivable } & 3,000 & \
\hline
\end{array}$$ What amount of total long-term assets would be shown on the balance sheet at December 31,2018?
A) $130,000
B) $158,700
C) $160,000
D) $166,000

Quizplus · Accepted Answer

Long-term assets include Building, Land, and Furniture, along with their respective Accumulated Depreciation. The calculation is as follows: Building ($130,000) + Land ($30,000) + Furniture ($6,000) - Accumulated Depreciation for Building ($4,300) - Accumulated Depreciation for Furniture ($3,000) = $158,700.

The Balances of Select Accounts of Donovan Company as of December