Acct305 Week 4 Midterm Exam 2016

1.Property, plant, and equipment and intangible assets are (Points : 9) long-term revenue-producing assets. created by the normal operation of the business and include accounts receivable. all assets except cash and cash equivalents. current and long-term assets used in the production of either goods or services. 2.(TCO 3) Our company exchanged land and cash of $5,000 for similar land. The book value and the fair value of the land were $90,000 and $100,000, respectively. Assuming the exchange la...