What distinguishes property and equipment from other assets

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Reference no: EM133265043

June Cleaver owns and operates a home goods store in Chicago, Illinois. She recently acquired a new building, which will allow space for her growing business. In addition to purchasing the land and building, she also has purchased new office furniture for her staff, a delivery van and a new computer to automate her operations. Now that she has the larger space, she acquired home goods to display and sell.
From the information provided above, what property and equipment would June list on her books for her business?

What distinguishes property and equipment from other assets June might have, such as inventory and accounts receivable?

At what value are property and equipment recorded on the balance sheet?

Reference no: EM133265043

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