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4 Cards in this Set
- Front
- Back
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Plant assets
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long lived assets that are tangible, ex. land, buildings, equipment. On balance sheet located under Plant assets are property, building and equipment
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Intangible assets
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No physical form. Ex. patents copyrights, trademarks, goodwill. Reported on the balance sheet as things such as goodwill and intangible and other assets.
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Land
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Includes its purchase price (cash plus and note payable), brokerage commission, survey fees, legal fees, and any back property taxes that the purchaser pays. (also, land costs include expenditures for grading and clearing the land and for removing unwanted buildings)
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Land Improvements and Leasehold Improvements
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Put under Land improvements, this account includes costs for driveways, signs, fences and sprinkler systems. These assets are subject to decay and therefore the cost should be depreciated
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