Homework Help is Here – Start Your Trial Now!
Business
Accounting
Estimating Useful Life and Percent Used Up The property and equipment footnote from the Deere & Company Equipment and Operations segment follows. Property and Depreciation A summary of property and equipment at October 31 follows. Useful Lives* Property and Equipment ($ millions) Land Buildings and building equipment Machinery and equipment Dies, patterns, tools, etc All other Construction in progress Total at cost Less accumulated depreciation Total *Weighted averages 23 11 8 5 (Years) 2015 2014 $114 $120 2,794 3,037 4,833 5,089 1,567 1,552 875 889 345 530 10,528 11,217 5,846 5,694 $4,682 $5,523 Total property and equipment additions in 2015, 2014 and 2013 were $666 million, $1,016 million and $1,158 million, and depreciation was $692 million, $696 million and $637 million, respectively. a. Compute the average useful life of Deere's depreciable assets at year-end 2015. Round answer to one decimal place. x years b. Estimate the percent used up of Deere's depreciable assets at year-end 2015. Round answer to one decimal place (ex: 0.2345 = 23.5%) *%

Estimating Useful Life and Percent Used Up The property and equipment footnote from the Deere & Company Equipment and Operations segment follows. Property and Depreciation A summary of property and equipment at October 31 follows. Useful Lives* Property and Equipment ($ millions) Land Buildings and building equipment Machinery and equipment Dies, patterns, tools, etc All other Construction in progress Total at cost Less accumulated depreciation Total *Weighted averages 23 11 8 5 (Years) 2015 2014 $114 $120 2,794 3,037 4,833 5,089 1,567 1,552 875 889 345 530 10,528 11,217 5,846 5,694 $4,682 $5,523 Total property and equipment additions in 2015, 2014 and 2013 were $666 million, $1,016 million and $1,158 million, and depreciation was $692 million, $696 million and $637 million, respectively. a. Compute the average useful life of Deere's depreciable assets at year-end 2015. Round answer to one decimal place. x years b. Estimate the percent used up of Deere's depreciable assets at year-end 2015. Round answer to one decimal place (ex: 0.2345 = 23.5%) *%

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Ll.91.

 

Estimating Useful Life and Percent Used Up The property and equipment footnote from the Deere & Company Equipment and Operations segment follows. Property and Depreciation A summary of property and equipment at October 31 follows. Useful Lives* Property and Equipment ($ millions) Land Buildings and building equipment Machinery and equipment Dies, patterns, tools, etc All other Construction in progress Total at cost Less accumulated depreciation Total *Weighted averages 23 11 8 5 (Years) 2015 2014 $114 $120 2,794 3,037 4,833 5,089 1,567 1,552 875 889 345 530 10,528 11,217 5,846 5,694 $4,682 $5,523 Total property and equipment additions in 2015, 2014 and 2013 were $666 million, $1,016 million and $1,158 million, and depreciation was $692 million, $696 million and $637 million, respectively. a. Compute the average useful life of Deere's depreciable assets at year-end 2015. Round answer to one decimal place. * years b. Estimate the percent used up of Deere's depreciable assets at year-end 2015. Round answer to one decimal place (ex: 0.2345 = 23.5%) * %
Transcribed Image Text:Estimating Useful Life and Percent Used Up The property and equipment footnote from the Deere & Company Equipment and Operations segment follows. Property and Depreciation A summary of property and equipment at October 31 follows. Useful Lives* Property and Equipment ($ millions) Land Buildings and building equipment Machinery and equipment Dies, patterns, tools, etc All other Construction in progress Total at cost Less accumulated depreciation Total *Weighted averages 23 11 8 5 (Years) 2015 2014 $114 $120 2,794 3,037 4,833 5,089 1,567 1,552 875 889 345 530 10,528 11,217 5,846 5,694 $4,682 $5,523 Total property and equipment additions in 2015, 2014 and 2013 were $666 million, $1,016 million and $1,158 million, and depreciation was $692 million, $696 million and $637 million, respectively. a. Compute the average useful life of Deere's depreciable assets at year-end 2015. Round answer to one decimal place. * years b. Estimate the percent used up of Deere's depreciable assets at year-end 2015. Round answer to one decimal place (ex: 0.2345 = 23.5%) * %
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps with 3 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Section 179 Deduction and Modified Accelerated Cost Recovery System (MACRS) Depreciation
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS