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1. What are Bed Rock's largest two categories of property and equipment as of September 30, 2021? Describe in general terms the types of expenditures included in these categories. 2. What was Bed Rock's gross cost of property and equipment at September 30, 2021? What was the book value of property and equipment on this date? Why is book value less than cost?

1. What are Bed Rock's largest two categories of property and equipment as of September 30, 2021? Describe in general terms the types of expenditures included in these categories. 2. What was Bed Rock's gross cost of property and equipment at September 30, 2021? What was the book value of property and equipment on this date? Why is book value less than cost?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Examine the excerpt of a footnote from Bed Rock Corporation's September 30, 2021, annual report to follow. (Click the icon to view the excerpt.) Read the requirements. ges 1. What are Bed Rock's largest two categories of property and equipment as of September 30, 2021? Describe in general terms the types of expenditures included in these categories. Bed Rock's largest category of assets is Excerpt Balances of Major Classes of Property and Equipment Are as follows (in thousands) Land Buildings and leasehold improvements Capitalized real estate leases Fixtures and equipment Construction in progress and equipment not yet in service Less accumulated depreciation and amortization - Sep. 30, 2021 $ 3,808,800 (1,866,966) $ 1,941,834 $ Its second largest category of assets is Sep. 30, 2020 76,591 $ 48,927 2,219,766 1,958,614 24,871 24,265 1,436,250 1,398,863 51,322 111,266 - X 3,541,935 (1,688,818) 1,853,117 Requirements 1. What are Bed Rock's largest two categories of property and equipment as of September 30, 2021? Describe in general terms the types of expenditures included in these categories. 2. What was Bed Rock's gross cost of property and equipment at September 30, 2021? What was the book value of property and equipment on this date? Why is book value less than cost? Print - X Done
Transcribed Image Text:Examine the excerpt of a footnote from Bed Rock Corporation's September 30, 2021, annual report to follow. (Click the icon to view the excerpt.) Read the requirements. ges 1. What are Bed Rock's largest two categories of property and equipment as of September 30, 2021? Describe in general terms the types of expenditures included in these categories. Bed Rock's largest category of assets is Excerpt Balances of Major Classes of Property and Equipment Are as follows (in thousands) Land Buildings and leasehold improvements Capitalized real estate leases Fixtures and equipment Construction in progress and equipment not yet in service Less accumulated depreciation and amortization - Sep. 30, 2021 $ 3,808,800 (1,866,966) $ 1,941,834 $ Its second largest category of assets is Sep. 30, 2020 76,591 $ 48,927 2,219,766 1,958,614 24,871 24,265 1,436,250 1,398,863 51,322 111,266 - X 3,541,935 (1,688,818) 1,853,117 Requirements 1. What are Bed Rock's largest two categories of property and equipment as of September 30, 2021? Describe in general terms the types of expenditures included in these categories. 2. What was Bed Rock's gross cost of property and equipment at September 30, 2021? What was the book value of property and equipment on this date? Why is book value less than cost? Print - X Done
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