An asset is a resource that a company or entity owns to generate some positive economic output. Assets come in many forms including a building, plant machinery, vehicle, cash, etc. to intangible forms like goodwill and brand. Assets are used to generate economic value within a company.
A car producer is installing an electric car production plant to produce electric cars. So, the plant would produce electric cars, and those cars when sold will generate sales and the company will profit from those sales. Here the electric car production plant is an asset as it is generating positive economic value.
At January 1, 2018, Café Med leased restaurant equipment from
The comparative financial statements of Marshall Inc. are as follows.
Rhone-Metro Industries manufactures equipment that is sold or leased.
Samtech Manufacturing purchased land and building for $4 million. In
Dain’s Diamond Bit Drilling purchased the following assets this year. Assume
On March 31, 2018, the Herzog Company purchased a factory
The Albertville City Council decided to pool the investments of its General
On January 1, 2018, National Insulation Corporation (NIC)
The plant asset and accumulated depreciation accounts of Pell Corporation had the
On January 1, 2018, Maywood Hydraulics leased drilling equipment from
