Screen Shot 2019-03-19 at 11.06.10 PM.png - @374(similarto We” a Examine the excerpt of a footnote from Red Sand Corporation's annual report to follow

Screen Shot 2019-03-19 at 11.06.10 PM.png - @374(similarto...

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Unformatted text preview: @374 (similarto) We”) a Examine the excerpt of a footnote from Red Sand Corporation's September 30, 2018, annual report to follow. a (Click the icon to view the excerpt.) Read the muirements. 1. What are Red Sand's largest two categories of property and equipment as of September 30, 2018? Describe in general terms the types of expenditures included in these categories. Red Sand's largest category of assets is buildings and leasehold improvements . Its second largest category of assets is fixtures and equipment Select all costs associated with the expenditures included in the largest two categories of property and equipment. (Select all that apply.) A. Repairs and maintenance necessary to maintain the asset or restore it to working order [Iv B. Costs incurred to bring the asset to its intended use [L5, C. Taxes, commissions and other amounts paid to bring the asset ready for use [IV D. Original cost of each asset 2. What was Red Sand's gross cost of property and equipment at September 30, 2018? What was the book value of property and equipment on this date? Why is book value less than cost? Red Sand's gross cost of property and equipment at September 30, 2018 is $ 4.031.013 . The book value of property and equipment at September 30, 2018 is $ 2.142.045 . Book value is less than cost because accumulated depreciation islare subtracted from cost to compute book value. ...
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